THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

17 October 2023

Angus Energy Plc

("Angus Energy", the "Company" or together with its subsidiaries, the "Group")

(AIM:ANGS)

Updated Saltfleetby Competent Persons Report ("CPR")

· Updated CPR commissioned at the Company's wholly-owned Saltfleetby Gas Field ("Saltfleetby" or "SGF") on the basis of Angus' decision to drill two new wells in 2025-2026, for a total of five wells producing from the Westphalian Main Reservoir along with potential for conversion for gas storage or CO2 injection in the future

· P90 NPV10 valuation of £57.1 million and P50 NPV10 valuation of £64.5 million post tax, (including the full impact of the Energy Profits Levy)

· Over 2 BCF of Sales Gas produced and exported since August 2022

· Reserves uncertainty reduced from 2021 CPR with P90 Gross Sales Gas Reserves up by 8 BCF to 24.2 BCF and P50 Reserves decreased by 2.6 BCF to 27.2 BCF net of historic production

Revised Saltfleetby Competent Persons Report

Angus Energy Plc (AIM: ANGS) is pleased to share the updated Competent Persons Report ("CPR") for its Saltfleetby Gas Field ("SGF"). The full CPR is available for download in the "Presentations" section of the Company's website (www.angusenergy.co.uk/media/presentations).

The CPR, performed by Oilfield International Limited, gives the net present value of the cash flows from SGF, including the impact from the revised capex, the senior loan facility debt service costs, the associated royalties and the mandatory hedging. Oilfield International Limited has used a discount rate of 10%. The CPR is updated from the previous CPR commissioned by Angus in October 2021 ("2021 CPR").

The new CPR has taken account of production performance from the 3 wells in the SGF in the period from August 2022, when it was brought on line, to the end of July 2023. During this time, 2 BCF of sales gas has been processed and exported. The CPR includes an allowance for plant availability of 92.3% and an estimate of gas consumed in operations of 10% (P50) to 15% (P90), compared to 2.75% in the 2021 CPR, one of the reasons for the decrease in P50 Reserves as noted above. The Company is confident that gas usage will prove to be lower than this estimate once the plant has fully stabilised with the new flowline in operation.

Two further wells on the Main Westphalian reservoir, SF9 and SF10, are scheduled to enter production in January 2025 and January 2026 respectively, to extend plateau production and accelerate the extraction of gas. The cost of these additional wells, expected to be funded out of field cashflows, has been included in the NPV10 valuations outlined above.

We highlight below the NCF and NPV10, discounted to August 1st, 2023: Net Attributable to the Company:

MOD: money of the day

The CPR includes Reserves in the Main Field Westphalian Reservoir and Contigent Resources in the Main Field Namurian Reservoir and Southern Lobe Westphalian Reservoir as follows:

Main Field Westphalian Reservoir: Sales Gas Reserves: Gross, and Net Attributable to the Company after Royalties:

Main Field Westphalian Reservoir: Sales Liquids Reserves: Gross, and Net Attributable to the Company after Royalties:

* Angus Energy Plc ("AE") through its wholly owned subsdiaries Angus Energy Weald Basin No 3 Ltd ("AWEB") and Saltfleetby Energy Limited, has a 100% working interest in the Saltfleetby Gas Field which is part of the UK onshore licence PEDL005. The figures quoted above have been prepared in compliance with the SPE Petroleum Resource Management System (SPE-PRMS).

Both cases are inclusive of the projected Energy Profits Levy, which has had a major impact on the valuation of SGF. Despite this, the CPR has confirmed the significant value of the field and the value of additional drilling to accelerate the production of the field's reserves.

Contingent Gas Resources: Main Field Namurian Reservoir and Southern Lobe Westphalian Reservoir

The 1C Sales Gas Contingent Resources are stated net of 15% Gas Consumed in Operations (CiO). The 2C and 3C are stated net of 10% CiO. In the 2021 report, they were stated net of 2.75% CiO.

Contingent Liquids Resources: Main Field Namurian Reservoir and Southern Lobe Westphalian Reservoir

More information about Angus' plans for SGF will be shared as the Company progesses with its projects. A full production update will be given, as usual, at the end of the calendar quarter.

Richard Herbert, CEO of the Company commented "Following the redevelopment of the Saltfleeby Field and a first year of successful production, it is very reassuring to confirm from the production of the 3 wells in the field that the reservoir is performing according to our expectations. We have been able to narrow the range of uncertainty on the Reserves, with a significant increase in the P90 high-confidence estimate. Despite using a more conservative shrinkage factor for gas consumed in operations and the significant impact of the Energy Profits Levy, net cash flow, discounted and undiscounted, remains strong. This evaluation allows us to plan the next phase of development of the Saltfleetby reservoir with confidence."

END

For further information on the Company, please visit www.angusenergy.co.uk or contact:

Enquiries:

Angus Energy Plc www.angusenergy.co.uk

Richard Herbert Tel: +44 (0) 208 899 6380

Beaumont Cornish Limited (Nomad) www.beaumontcornish.com

James Biddle / Roland Cornish Tel: +44 (0) 207 628 3396

WH Ireland Limited (Broker)

Katy Mitchell / Harry Ansell Tel: +44 (0) 207 220 1666

Flagstaff PR/IR angus@flagstaffcomms.com

Tim Thompson / Fergus Mellon Tel: +44 (0) 207 129 1474

Aleph Commodities info@alephcommodities.com

Qualified Person's Statement: Richard Herbert, CEO of the Company, who has over 43 years of relevant experience in the oil and gas industry, has approved the information contained in this announcement. Richard Herbert is a Fellow of the Geological Society and a member of American Association of Petroleum Geologists.

Disclaimers - this Announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "forecasts", "plans", "prepares", "anticipates", "projects", "expects", "intends", "may", "will", "seeks", "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Announcement and include statements regarding the Company's and the Directors' intentions, beliefs or current expectations concerning, amongst other things, the Company's prospects, growth and strategy. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual performance, achievements and financial condition may differ materially from those expressed or implied by the forward-looking statements in this Announcement. In addition, even if the Company's results of operations, performance, achievements and financial condition are consistent with the forward-looking statements in this Announcement, those results or developments may not be indicative of results or developments in subsequent periods. Any forward-looking statements that the Company makes in this Announcement speak only as of the date of such statement and (other than in accordance with their legal or regulatory obligations) neither the Company, nor the Bookrunner nor Beaumont Cornish nor any of their respective associates, directors, officers or advisers shall be obliged to update such statements. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

Glossary of Technical Terms Used in this Announcemennt and the CPR

ADR - Abandonment, Decommissioning and Reclamation Expenditure

bbl - Barrels

/bbl - per barrel

Bscf or Bcf - Billion standard cubic feet

bcpd - Barrels of condensate per day

bbl/d - Barrels of Oil per day

blpd - Barrels of liquid per day

bpd - Barrels per day

boe - Barrels of Oil equivalent @ xxx MCF/bbl

boepd - Barrels of Oil equivalent per day @ xxx MCF/bbl

bopd - Barrels Oil per day

bwpd - Barrels of water per day

bwpd - Barrels water per day

C$,CAD$, CDN$ - Canadian Dollar

CAPEX - Capital Expenditure

E&A - Exploration & Appraisal

E&P - Exploration and Production

EBIT - Earnings before Interest and Tax

EBITDA - Earnings before interest, tax, depreciation, and amortisation

EI - Entitlement Interest

EIA - Environmental Impact Assessment

EMV - Expected Monetary Value

EOR - Enhanced Oil Recovery

EUR - Estimated Ultimate Recovery

FDP Field Development Plan

G&A General and Administrative costs

GIIP Gas initially in place

GOR Gas Oil Ratio

HSE Health, Safety and Environment

HSSE-SR Health, Safety, Security, Environment and Social Responsibility

IRR - Internal Rate of Return

km - Kilometres

km2 - Square kilometres

LoF - Life of Field

m - Metres

$m - Million US dollars

M - Thousand, especially of volume

m3 - Cubic metres

Mcf or Mscf - Thousand standard cubic feet

MMcf or MMscf - Million standard cubic feet

m3d - Cubic metres per day

Mean - Arithmetic average of a set of numbers

Median - Middle value in a set of values

Mm3 - Thousand Cubic metres

Mm3d - Thousand Cubic metres per day

MM - Million (especially of volume and energy)

MMbbl - Millions of barrels

MMBTU - Millions of British Thermal Units

Mode - Value that exists most frequently in a set of values = most likely

Mscfd - Thousand standard cubic feet per day

MMscfd - Million standard cubic feet per day

NGL - Natural Gas Liquids

NPV - Net Present Value

IRR - Internal Rate of Return

MIRR - Modified Rate of Return (Reinvestment of CF at market rate)

OCM - Operating Committee Meeting

OPEX - Operating Expenditure

p.a. - Per annum

P&A - Plugged and abandoned

PDP - Proved Developed Producing

PUD - Proved Undeveloped

PVT - Pressure volume temperature

P10 - 10% Probability

P50 - 50% Probability

P90 - 90% Probability

Rf - Recovery factor

Sales Gas - Gas that satisfies all National Grid plc's quality and safety specifications and so can be transported through the National Gas Grid to domestic and industrial consumers.

scf or cf - Standard Cubic Feet

scfd or cfd - Standard Cubic Feet per day

scf/ton - Standard cubic foot per ton

SEC - Securities and Exchange Commission

SPE - Society of Petroleum Engineers

SPE PRMS - 2018 Guidelines for categorising and valuing petroleum resources

SPEE - Society of Petroleum Evaluation Engineers

STB or stb - Stock tank barrel

STOIIP - Stock tank Oil initially in place

T - Tonnes

TD - Total Depth

Te - Tonnes equivalent

Tscf or Tcf - Trillion standard cubic feet

TCM - Technical Committee Meeting

Tpd - Tonnes per day

US$ - United States Dollar

WI - Working Interest

1H20 - First half (6 months) of 2020 (example of date)

2Q20 - Second quarter (3 months) of 2020 (example of date)

2D - Two dimensional

3D - Three dimensional

4D - Four dimensional

1P - Proved Reserves

2P - Proved plus Probable Reserves

3P - Proved plus Probable plus Possible Reserves

Contingent Resources - Those quantities of gas and liquids estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects but which are not currently considered to be commercially recoverable due to one or more contingencies.

1C - Denotes a low estimate of contingent resources.

2C - Denotes the most likely estimate of contingent resources.

3C - Denotes a high estimate of contingent resources.

% - Percentag

Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Reserves must satisfy four criteria: Discovered, Recoverable, Commercial, and Remaining (as of the evaluation's effective date) based on the development project(s) applied. Reserves are recommended as sales quantities as metered at the reference point. Where the entity also recognizes quantities Consumed in Operations (CiO), as Reserves these quantities must be recorded separately. Non-hydrocarbon quantities are recognized as Reserves only when sold together with hydrocarbons or CiO associated with petroleum production. If the nonhydrocarbon is separated before sales, it is excluded from Reserves. Reserves are further categorized in accordance with the range of uncertainty and should be subclassified based on project maturity and/or characterized by development and production status.

Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality. Contingent are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status.