Exercise of Warrants

15 February 2018

Nu-Oil and Gas plc

("Nu-Oil" or the "Company")

Exercise of Warrants

The Company announces that it has received an exercise notice from Island Investments Holdings Limited for the exercise of 15,000,000 warrants over ordinary shares of 0.1p each in the capital of the Company ("Ordinary Shares") at an exercise price of 0.40p per warrant.

Total Voting Rights

Application has been made for admission of these 15,000,000 new Ordinary Shares to trading on AIM ("Admission") and it is expected that Admission will take place at 8.00 a.m. on 21 February 2018. Following Admission, there will be a total of 1,233,592,348 Ordinary Shares in issue. As per the announcement of 23 December 2013, the Company holds 12,325,378 Treasury shares. Shareholders should therefore use the figure of 1,221,266,970 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, the Company under the FCA's Disclosure and Transparency Rules.

Enquiries

Note to Editors

The Company

Nu-Oil is a development and production company, which utilises appropriate development approaches to create value from undeveloped and mature oil and gas assets. Nu-Oil is building a portfolio of development and production assets with an emphasis on stranded and marginal discoveries which can be unlocked using cost-effective development solutions.

Nu-Oil targets thoroughly appraised fields located in basins with stable political and regulatory regimes. By doing so Nu-Oil minimises exposure to the risks associated with frontier plays, particularly exploration and appraisal risks.

Nu-Oil's 50% owned subsidiary, Marginal Field Development Company Ltd. ("MFDevCo"), has developed offshore production solutions that improve the economics of oil projects by significantly lowering development costs compared to conventional approaches. To implement its solutions, MFDevCo has established the Marginal Field Delivery Consortium ("the Consortium"), a group of leading global engineering specialists who provide the skills and capability required to deliver projects. Nu-Oil will utilise MFDevCo solutions and the capability within the Consortium to develop and deliver its projects.

www.nu-oilandgas.com

Disclaimer

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").