Exercise of Options

30 April 2014

Eland Oil & Gas PLC

 ("Eland" or the "Company")

Exercise of Options

Following the announcement on 26 March 2014 relating to the exercise of options by Solstice International Investments Inc. ("Solstice") and Helios Natural Resources Limited ("Helios"), application has been made to the London Stock Exchange for 3,000,000 ordinary shares to be admitted to trading on AIM and admission is expected to occur on 7 May 2014. The New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares.

The outstanding 4,000,000 of the 7,000,000 Ordinary Shares fully subscribed to through the Solstice Option Agreement as announced on 26 March 2014 will be issued to Solstice as follows: 2,000,000 no later than 31 May 2014; 1,000,000 no later than 30 June 2014; and 1,000,000 shares no later than 21 August 2014.

All 7,000,000 Non-Voting Right Ordinary Shares subscribed to by Helios, as per the terms of Helios Option Agreement, have been issued.

Following the admission of the 3,000,000 New Ordinary Shares and the issue of Non-Voting Shares to Helios Natural Resources, the Company's issued share capital will consist of 141,263,214 Ordinary Shares and 10,000,000 Non-Voting Shares. Eland does not hold any Ordinary Shares in treasury.

Until otherwise notified, the aforementioned figure of 141,263,214 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 to their interest in, Eland under the Financial Conduct Authority's Disclosure and Transparency Rules.

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