Uk Oil & Gas Regulatory News (UKOG)

UK Oil & Gas PLC

("UKOG" or the "Company")

Result of General Meeting & Loan Update

Result of General Meeting

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that at its General Meeting held earlier today, all resolutions put to shareholders were duly passed.

Confirmation of Loan Terms

In relation to the financing of £5.5 million financing announced on 7 August 2019 ("Loan") from Riverfort Global Opportunities PCC Limited and YA II PN Ltd ("Investors"), the current outstanding balance of the Loan following the latest conversion as announced on 3rd February 2020 is £3.15 million.

A summary of the terms of the Loan are as follows:

·; The Loan attracts 0% interest and may, at the sole discretion of the Investors, be converted into new ordinary shares in the Company.

·; The conversion price is the lower of either a share price of 130% of the Company's average daily VWAP of the 5 days prior to the Loan drawdown ("Fixed Conversion Price"), or 90% of the Company's lowest daily VWAP during the 5 days prior to the conversion date ("Variable Conversion Price").

·; The Fixed Conversion Price is 1.3664 pence being the average daily VWAP for the 5 days preceding the date on which the full £5.5m was drawdown (16 August 2019).

·; The Loan is convertible by the Investors in tranches of not less than £150,000, with a limit of £3 million per quarter, unless otherwise agreed by the Company.

Recent Conversion Example

The conversion of £200,000 of the Loan announced on 3rd February 2020 resulted in the issue of 35,663,338 ordinary shares in the Company to the Investors.

This was calculated using the Variable Conversion Price which resulted in the 35,663,338 ordinary shares being issued to the Investors at a price of 0.5608 pence per share. This price per share was lower than the Fixed Conversion Price which would have resulted in shares being issued at 1.3664 pence per share.

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For further information, please contact:

UK Oil & Gas PLC

Stephen Sanderson / Kiran Morzaria Tel: 01483 900582

WH Ireland Ltd (Nominated Adviser and Broker)

James Joyce / James Sinclair-Ford Tel: 020 7220 1666

Cenkos Securities PLC (Joint Broker)

Joe Nally / Neil McDonald Tel: 0207 397 8919

Novum Securities (Joint Broker)

John Bellis Tel: 020 7399 9400

Public Relations

Brian Alexander Tel: 01483 900582