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Issue of New Shares Dec 16

Independent Oil and Gas plc ("IOG" or the "Company") (AIM: IOG.L), the development and production focused Oil and Gas Company, has today issued a total of 3,823,062 ordinary shares (“New Ordinary Shares”) in the capital of the Company.

On 19th December 2016, GE Oil & Gas UK Limited submitted a notice to exercise its remaining 3,252,310 11.9p warrants over Ordinary Shares awarded to it, pursuant to a warrant deed and a warrant certificate both dated 4th December 2015.

Furthermore, 570,752 Ordinary Shares have been issued at a price of 1p per Share to a past member of the Company’s management team pursuant to option agreements dating back to 23rd September 2013.

The Company has applied to the London Stock Exchange for admission of the New Ordinary Shares to trading on AIM (“Admission”).  Admission is expected to occur on 23rd December 2016. Following Admission there will be 109,268,163 Ordinary Shares in issue. Accordingly, this number 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 and Transparency Rules.