Exercise of Warrants

UK Oil & Gas PLC

("UKOG" or the "Company")

Exercise of Warrants

UKOG announces that it has received notice of the exercise of warrants to subscribe for a total of 14 million new ordinary shares in the Company (the "New Ordinary Shares"). The Company has received £126,000 in respect of this exercise.

Application has been made for these New Ordinary Shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 17 August 2018.

Following Admission, the Company's enlarged issued share capital will comprise  5,221,240,526 ordinary shares. The Company does not hold any shares in treasury. This figure of 5,221,240,526 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

For further information, please contact:

UK Oil & Gas PLC

Stephen Sanderson / Kiran Morzaria Tel: 01483 243450

WH Ireland (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

Public Relations

Brian Alexander / David Bick Tel: 01483 243450

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.