Response to Speculation

Anglo African Oil & Gas plc ("AAOG" or "the Company")

Response to Speculation

Anglo African Oil & Gas (AIM:AAOG) notes the recent speculation surrounding its financing plans. As disclosed on 11 December 2019, the Company is examining its financing options in light of the continued non-payment by SNPC. One such option is a sale of a controlling interest in the Company's wholly-owned subsidiary, Anglo African Oil & Gas Congo S.A.U., which holds a 56% interest in the Tilapia field in the Republic of Congo.

The Company has received a number of expressions of interest in this regard, including from Zenith Energy Limited, and is currently in negotiations. However, there can be no guarantee that any transaction will be concluded or on what terms. Further announcements will be made in due course.

In the meantime, the Company is managing its creditor position and has sufficient capital to allow it to continue as a going concern until at least the beginning of February assuming receipt of the £150,000 owed by Anglo Tunisian Oil & Gas Limited (of which £50,000 is to be paid to the Company today with the remainder due to be paid by the end of this month) and no unforeseen claims. The Company is therefore in negotiations with providers of structured equity finance with a view to providing further working capital for the Group. Again, there can be no guarantee that such financing will be available or on what terms.

Enquiries:

Anglo African Oil & Gas plc info@aaog.com

James Cane, Interim Chief Executive and Finance Director

finnCap Ltd (Nominated Adviser) Tel: +44 20 7220 0500

Christopher Raggett, Giles Rolls, Teddy Whiley (Corporate Finance)

Camille Gochez (ECM)