Gulf Oil and Gas accountACCOUNT

Loan Balance Reduction

Source: www.gulfoilandgas.com 5/14/2020, Location: Europe

UK Oil & Gas PLC, announces that, in relation to the £5.5 million financing announced on 7 August 2019 ("Loan"), it has received a notice from Riverfort Global Opportunities PCC Limited and YA II PN Ltd ("Investors") to convert £320,000 of the Loan into UKOG shares.

As per the loan agreement the Company has opted to pay £75,000 in cash and has allotted 119,671,829 new ordinary shares to the Investors to satisfy the remaining £245,000 of the conversion ("Investor Shares"). The Investor Shares will rank pari passu in all respects with the existing ordinary shares. It is anticipated that the Investor Shares will be admitted to trading on AIM on or around 20 May 2020 ("Admission"). After today's conversion and repayment the Loan's balance has reduced to £2.005 million.

Following Admission of the Investor Shares, the Company's issued share capital will comprise of 8,606,469,321 ordinary shares. As the Company does not hold any shares in treasury, this figure of 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.

A summary of the loan terms can be seen in the Company's previous announcements on 27 September 2019 and 12 February 2020. The loan terms allow the loan to be converted in integrals of £150,000, unless waived by the Company which in this case, the Company has done.

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