CREDITOR SETTLEMENT AGREEMENT

4 June 2019

Victoria Oil & Gas Plc

("VOG" or "the Company")

CREDITOR SETTLEMENT AGREEMENT

Victoria Oil & Gas Plc is pleased to announce that its wholly owned subsidiary, Gaz du Cameroun S.A. ("GDC"), has signed a settlement agreement with Weatherfords Services and Rental Ltd ("Weatherfords") and a full and final payment of $1.4 million has been made to extinguish the outstanding debt. In accordance with the settlement, the parties have signed and filed with the relevant court consent orders for the statutory demand to be set aside, which is now only a matter of process at court.

With this settlement GDC has now settled all outstanding obligations relating to the drilling programme of La-107 and La-108 at Logbaba.

For further information, please visit www.victoriaoilandgas.com or contact:

Victoria Oil & Gas Plc

Ahmet Dik / Kate Baldwin Tel: +44 (0) 20 7921 8820

Strand Hanson Limited (Nominated and Financial Adviser)

Rory Murphy / James Dance / Jack Botros Tel: +44 (0) 20 7409 3494

Shore Capital Stockbrokers Limited (Joint Broker)

Mark Percy / Toby Gibbs (corporate finance) Tel: +44 (0) 207 408 4090

Jerry Keen (corporate broking)

FirstEnergy Capital LLP (Joint Broker)

Jonathan Wright / Hugh Sanderson Tel: +44 (0) 207 448 0200

Camarco (Financial PR)

Billy Clegg Tel: +44 (0) 203 757 4983

Nick Hennis Tel: +44 (0) 203 781 8330

This announcement contains inside information.