Conditional Offer for Business and Assets

19 Apr 2024 19:19 CEST

19 April 2024

IOG plc

The Joint Administrators of IOG Plc ("IOG", or the "Company"), (AIM: IOG.L) have
received an offer for its business and assets, including the entire issued share
capital of IOG North Sea Limited, IOG Infrastructure Limited and IOG UK Limited.

The price offered is £5m. The offer will not provide a return to the
shareholders of the Company.

The offer is subject to certain conditions, inter alia bondholders' approval and
release of certain security, regulatory approvals, including consent from the
North Sea Transition Authority', and to the extent required, other key third
party consents.

The Company will continue discussions with the interested party and assess the
received offer. The Company emphasizes that discussions are still ongoing, and
that no assurances can be given as to the outcome, terms, timing, or the signing
of any definite agreement.

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 19 April 2024 at 18.00 BST.

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

616293_Release.pdf