Capital Markets Day

27 April 2017

Eland Oil & Gas PLC

("Eland" or the "Company")

Capital Markets Day

Eland Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, announces that it will be holding a Capital Markets Day for investors and analysts in London today.

Following today's earlier announcement from Eland entitled "Near-Term Reserves Update" the company will be providing a Nigerian overview, additional detail on the existing Opuama and Gbetiokun well inventory, ongoing operations and development, finance and upside potential. We will also provide the near-term investment case and outlook.

A copy of the presentation made to attendees will subsequently be made available on the Company's website.

END

For further information:

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

www.elandoilandgas.com

George Maxwell, CEO

Olivier Serra, CFO

Finlay Thomson, IR

Canaccord Genuity Limited (+44 (0)20 7 523 8000)

Henry Fitzgerald O'Connor

Panmure Gordon (UK) Limited (+44 (0)20 7 886 2500)

Adam James / Atholl Tweedie

Tom Salvesen

Camarco (+44 (0) 203 757 4980)

Billy Clegg / Georgia Edmonds

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 OML 40 which is located in the Northwest Niger Delta approximately 75km northwest of Warri and has an area of 498km². 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 83.2 mmbbls, gross 2C contingent resources of 41.2 mmbbls and a best estimate of 254.5 mmbbls of gross unrisked prospective resources. The Ubima field holds gross 2P reserves of 2.4 mmbbl of oil and gross 2C resource estimates of 31.1 mmbbl.