Exercise of Warrants

NU-OIL AND GAS PLC

AIM ticker: 'NUOG'

7 October 2016

NU-Oil and Gas plc

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

Exercise of Warrants

The Company announces that it has received an exercise notice from a warrant holder for the exercise of 5,714,286 warrants over ordinary shares of 0.1p par value in the capital of the Company ("Ordinary Shares") at an exercise price of 0.35p.

Total Voting Rights

Application has been made for admission of these 5,714,286 new Ordinary Shares to trading on AIM ("Admission") and it is expected that Admission will take place at 8.00 a.m. on 13 October 2016. Following Admission, there will be a total of 494,792,348 Ordinary Shares in issue. Shareholders should therefore use the figure of 494,792,348 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:

NU-Oil and Gas plc

Alan Minty, Executive Chairman Tel: + 44 161 817 7460

Nigel Burton, CEO Tel: +44 7785 234 447

Beaufort Securities Limited Tel: +44 20 7382 8300

Jon Belliss

Elliot Hance

Cenkos Securities

Neil McDonald Tel: +44 131 220 9771

Derrick Lee Tel: + 44 131 220 6939

St Brides Partners Limited Tel: +44 20 7236 1177

Elisabeth Cowell

Lottie Brocklehurst

www.nu-oilandgas.com

Note to Editors:

NU-Oil and Gas plc is an independent oil and gas company whose strategy is to build a diverse portfolio of assets with a strong emphasis on acquiring interests in stranded and marginal fields. These fields are low risk highly-appraised projects and consequently the Company's entry cost will be low. NU-Oil will look to develop these assets utilising solutions delivered by Marginal Field Development Company (MFDevCo) and the MFD Consortium, which can significantly improve the development economics of a project. This is also expected to enable the early booking of reserves.