Eland Oil & Gas Regulatory News (ELA)

9 August 2019

Eland Oil & Gas Plc ("Eland" or the "Company")

Share Buyback Programme

Eland Oil & Gas PLC (AIM:ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to provide an update on its share buyback programme.

Further to the announcements dated 19 November 2018 and 20 March 2019, the Company announces that it intends to continue to undertake its share buyback programme for a maximum aggregate consideration of up to £6.0 million (the "Programme") during its close period. The Company's close period will commence from the start of business on 12 August 2019 until the publication of its Interim results for the six months ended 30 June 2019, which is expected on or around 11 September 2019 (the "Close Period").

As such, the Company has entered into an agreement with its broker Stifel Nicolaus Europe Limited ("Stifel") to manage an irrevocable, non-discretionary share buyback programme to repurchase on the Company's behalf, and within certain parameters, ordinary shares during the Close Period. Stifel will seek to purchase ordinary shares up to the value of £6.0 million (the "Maximum Amount"), having already purchased ordinary shares up to the value of approximately £4.6 million under the Programme.

The Company and its directors have no power to invoke any changes to the Programme during the Close Period and they will be conducted at the sole discretion of Stifel.

The Programme will be executed in accordance with the Company's general authorities to make on market purchases which was approved by shareholders at the Company's AGM on 16 April 2019.

The maximum price paid per ordinary share shall be no more than five per cent above the average of the middle market quotation of the Company's shares for the five business days prior to the day the purchase is made.

The Company continues to intend to operate within the safe harbour provisions set out in the Market Abuse Regulation 596/2014 and Chapter 12 of the Listing Rules. Any ordinary shares repurchased will be held as treasury shares in accordance with the provisions of the Companies Act 2006 and will cancel the shares thereafter. The Company will continue to make further announcements in due course following the completion of any share repurchases.

For further information:

Eland Oil & Gas PLC (+44 (0)1224 737300)

www.elandoilandgas.com

George Maxwell, CEO

Ronald Bain, CFO

Finlay Thomson, IR

Peel Hunt LLP, Nominated Adviser & Joint Broker (+44 (0)20 7418 8900)

Richard Crichton / David McKeown

Stifel Nicolaus Europe Limited, Joint Broker (+44 (0)20 7710 7600)

Callum Stewart / Nicholas Rhodes / Ashton Clanfield

Camarco (+44 (0) 203 757 4980)

Billy Clegg / Georgia Edmonds / Tom Huddart

Notes to editors:

Eland Oil & Gas is an AIM-listed independent oil and gas company focused on production and development in West Africa, particularly the highly prolific Niger Delta region of Nigeria.

Through its joint venture company Elcrest, Eland's core asset is a 45% interest in OML 40 which is in the Northwest Niger Delta approximately 75 km northwest of Warri and has an area of 498 km². 

In addition, the Company has a 40% interest in the Ubima Field, onshore Niger Delta, in the northern part of Rivers State.

The OML 40 licence holds gross 2P reserves of 82.2 million barrels, gross 2C contingent resources of 50.7 million barrels and a best estimate of 252.1 million barrels of gross un-risked prospective resources*

The Ubima field holds gross 2P reserves of 9.3 million barrels of oil and gross 2C resource estimates of 4.2 million barrels*

Net production figures relate to Elcrest Exploration and Production Nigeria Ltd ("Elcrest"), Eland's joint venture company. Production rates, when oil is exported via Forcados, are as measured at the Opuama PD meter, are subject to reconciliation and will differ from sales volumes.

*Netherland, Sewell & Associates Inc CPR report 31 December 2018