15 December 2023

Jersey Oil and Gas plc

("Jersey Oil & Gas", "JOG" or the "Company")

Exercise of Share Options

Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company ?focused on the UK Continental Shelf region of the North Sea, announces that it has received notice of exercise in respect of options to subscribe for, in aggregate, 111,667 new ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") (the "Option Shares") for an aggregate subscription amount of £233,334. Such options have been exercised by a number of former employees and were scheduled to expire shortly.

Application will be made to the London Stock Exchange for the admission of the Option Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the Option Shares will commence at 8.00 a.m. on 20 December 2023.

Following Admission, the Company's enlarged share capital will comprise 32,665,960 Ordinary Shares in issue with one voting right per Ordinary Share. As the Company does not hold any shares in treasury, shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

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Notes to Editors:

Jersey Oil & Gas is a UK E&P company focused on building an upstream oil and gas business in the North Sea. The Company currently holds a 50% interest in each of licences P2498 (Blocks 20/5a, 20/5e and 21/1a) and P2170 (Blocks 20/5b and 21/1d) located in the UK Central North Sea and referred to as the "Greater Buchan Area". Licence P2498 contains the Buchan oil field and J2 oil discovery and licence P2170 contains the Verbier oil discovery. Following completion of the recently announced farm-out transaction with Serica Energy (UK) Limited, the Company will retain a 20% interest in each of the GBA licences.

JOG is focused on delivering shareholder value and growth through creative deal-making, operational success and licensing rounds. Its management is convinced that opportunity exists within the UK North Sea to deliver on this strategy and the Company has a solid track-record of tangible success.

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 United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.