29 September 2017

Independent Oil and Gas plc

Conversion of Salaries and Fees into Share Options

Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production focused oil and gas company, announces that certain Directors and other past and present members of the IOG management and technical teams have accepted all or part of their salaries and fees in options over Ordinary Shares in the Company ("Options").

Salary/Fee Sacrifice Options

As further detailed in the table at the end of this announcement, such personnel have accepted 1p Options in lieu of salaries and fees due between 1 March 2017 and 31 August 2017.

All these Options have a five-year term from 1 September 2017 and are issued by reference to the volume weighted average price per Ordinary Share ("VWAP") over the period to which they relate.  The VWAP over the period from 1 March 2017 to 31 August 2017 was calculated to be 16.78p.  Where services have been provided for only part of that 6-month period the VWAP has been adjusted accordingly.

The conversion of salaries and fees into Options is consistent with previous salary and fee sacrifice transactions.  A total of 851,630 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.78% per cent of the Company's current issued share capital.

-ENDS-

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Enquiries:

Notes:

Salaries and Fees Converted into 1p Options

For the period 1 March 2017 to 31 August 2017 the partial Salaries/Fees sacrificed by the Company directors named below and other members of the IOG management and technical teams were converted into 1p options, date of grant 1 September 2017, final exercise date of 31 August 2022 at the following VWAP reference prices: -

Note:  Where services have been provided for only part of a 6-month period the VWAP has been adjusted accordingly as above.