Possible Offer for Deltic Energy Plc

Independent Oil & Gas plc ("IOG") notes the recent movement in the share price of Deltic Energy Plc ("Deltic"). IOG confirms that it is considering a possible all-share offer for the entire issued and to be issued share capital of Deltic.

There can be no certainty that an offer will be made or as to the terms of any such offer. A further announcement will be made as and when appropriate.

In accordance with Rule 2.6(a) of the Code, by not later than 5.00 pm on 9 October 2020, IOG must either announce a firm intention to make an offer for Deltic in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Deltic, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

IOG reserves the right to introduce other forms of consideration and/or to vary the composition of the consideration.