Update on Sale of Assets

02 Aug 2024 10:00 CEST

2 August 2024

IOG plc

The Joint Administrators of IOG Plc ("IOG", or the "Company"), (AIM: IOG.L)
provide an update on the sale of the entire issued share capital of IOG North
Sea Limited, IOG Infrastructure Limited and IOG UK Limited.

As announced on 14 June 2024, the Bondholders of IOG have approved the sale of
the business and assets to CalEnergy Resources Limited ("CER") for a purchase
price of GPB 10,000,000.

The Administrators confirm that good progress has been made towards satisfying
various condition precedents, with the final outstanding conditions set to be
approved within the month. Completion is expected to conclude by 30 August 2024.

The Company will make further disclosures if and when appropriate.

Enquiries:

IOG plc (In Administration)             +44(0)20 3005 4000

Simon Baggs

City Press

Rory Fletcher                                      +44 (0)131 516 5654

About IOG:

IOG is a UK developer and producer of indigenous offshore gas. The Company began
producing gas in March 2022 via its offshore and onshore Saturn Banks production
infrastructure. In addition to its production assets, IOG operates several UK
Southern North Sea licences containing gas discoveries and prospects which,
subject to future investment decisions, may be commercialised through the Saturn
Banks infrastructure. All its assets are co-owned 50:50 with its joint venture
partner CalEnergy Resources (UK) Limited. Further details of its portfolio can
be found at www.iog.co.uk.

This information is published in accordance with the requirements of the Oslo
Børs Rule Book Part II 6.2.2.

This   stock  exchange  release  was  published  by Chad Griffin, Joint
Administrator, IOG plc (in administration), on 2 August 2024 at 9am.

This information is provided by RNS, the news service of the London Stock
Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary
Information Provider in the United Kingdom. Terms and conditions relating to the
use and distribution of this information may apply. For further information,
please contact rns@lseg.com or visit www.rns.com.

More information:
Access the news on Oslo Bors NewsWeb site

624429_Release.pdf