IOG.L Regulatory News (IOG)

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Capitalised terms used in this announcement have the meanings given to them in the announcement made at 7.00 a.m. on 1 April 2019 regarding the proposed Fundraising, unless the context provides otherwise.

18 April 2019

Independent Oil & Gas PLC

("IOG" or the "Company")

Result of Open Offer

Independent Oil and Gas plc (AIM: IOG.L), the development and production focused oil and gas company, announced on 1 April 2019 that it had raised £16.6 million by the issue of 165,795,050 New Ordinary Shares pursuant to the Placing at an issue price of 10 pence per New Ordinary Share. On 10 April 2019 IOG confirmed that it had raised an additional £0.325 million by the issue of 3,250,000 New Ordinary Shares pursuant to the Subscription, also at an issue price of 10 pence per New Ordinary Share. Furthermore, IOG proposed to raise up to a further £2.0 million by the issue of up to 20,128,580 New Ordinary Shares pursuant to an Open Offer, also at an issue price of 10 pence per New Ordinary Share.

The Open Offer closed for acceptances at 11.00 a.m. on 18 April 2019. The Company is pleased to announce that it has received valid acceptances from Qualifying Shareholders in respect of 20,141,129 Open Offer Shares, including applications for 6,078,743 Open Offer Shares under the Excess Application Facility. This represents 100.06 per cent. of the maximum Open Offer Shares available under the Open Offer. Consequently:

· Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlement and all Qualifying Shareholders will receive the Open Offer Shares they applied for under the Excess Entitlement facility, other than the three Shareholders who submitted the largest Excess Applications relative to their Basic Allocation, who have been scaled back;

· the Company will have raised gross proceeds of approximately £2 million through the Open Offer, and the admission of the 20,128,580 Open Offer Shares is expected to become effective at 8.00 a.m. on 24 April 2019;

· Open Offer Shares (in uncertificated form) will be credited to CREST accounts on 24 April 2019 and definitive share certificates for the Open Offer Shares (in certificated form) will be dispatched to certificated shareholders by 8 May 2019; and

· For Excess Applications not satisfied in full, refunds will be made either in CREST or by cheque as soon as practicable after 24 April 2019.

The Open Offer is conditional on the passing of the Resolutions, as detailed in the Circular, by Shareholders at the General Meeting of the Company at 11.00 a.m. on 23 April 2019.

Andrew Hockey, CEO of IOG commented:

"I am very pleased that we have raised an additional £2 million through the Open Offer process and would like to thank our shareholders for their continued support.

Our institutional placing, announced 1 April 2019, provides the Company with the necessary funding to drill our Harvey appraisal well as well as progressing and enhancing our Core Project ahead of FID funding from either a farm-out or the capital markets. As part of this fundraise, the Board wanted to provide our existing shareholders the opportunity to purchase shares in the Company at the same price as our new institutional holders and I am happy to see shareholders have taken this opportunity to participate in the process.

Independent Oil & Gas has two key value inflection points in the coming months; firstly delivering the development funding for our Core Project through either an industrial farm-out or a capital markets option and secondly, the drilling of our high-impact Harvey appraisal well. I look forward to providing updates on both of these in due course."

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