Issue of Equity and ISA Update

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 ("MAR").

Anglo African Oil & Gas plc ("AAOG" or "the Company")

Issue of Equity and ISA Update

The Company announces that it has today issued 21,169,612 new ordinary shares of 0.1p each ("Ordinary Shares") at a price of 0.21p each in settlement of certain creditors. Application will be made for the admission of the new Ordinary Shares to trading on AIM ("Admission") and dealings are expected to commence on 4 March 2020. 

On Admission, the Company will have 429,940,250 Ordinary Shares in issue and there are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares with voting rights is 429,940,250.

The figure of 429,940,250 may be used by shareholders 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 Guidance and Transparency Rules.

The Investor Sharing Agreement

The Company confirms that it received £1,010,779.85 in aggregate (including the 361,376.35 received from the sale to Forum Energy Services announced on 20 January 2020) pursuant to the investor sharing agreement (the "ISA)" entered into with YA II PN, Ltd and RiverFort Global Opportunities PCC Limited (the "Investors") as announced on 17 July 2019.

Readers are reminded that:

·; the "Benchmark Price" was 5.93p per Ordinary Share in the capital of the Company

·; the Benchmark Monthly Settlement was £473,767.71 (A)

·; the number of Assumed Monthly Traded Shares by the Investors was 9,110,918 Ordinary Shares in each month

·; the Benchmark Monthly Settlement was subject to adjustment pursuant to:

o the one-month volume weighted average price (VWAP) per Ordinary Share; and

o the number of Ordinary Shares able to be traded by the Investors.

The amount receivable by the Company pursuant to the ISA (Monthly Settlement) was:

(A) The Benchmark Monthly Settlement (A above)

Multiplied by

(B) The one-month VWAP of the Ordinary Shares as a percentage of the Benchmark Price (B below)

Multiplied by

(C) The Percentage of the Assumed Monthly Traded Shares by the Investors (C below)

The table below shows the receipts from the ISA for each of the months it was in effect.

Enquiries: