Gulf Oil and Gas accountACCOUNT

P1929 and P2304 Extension to Term of Exclusivity Agreement

Source: www.gulfoilandgas.com 1/20/2020, Location: Europe

The Company is pleased to provide an update to the announcement of 4 November 2019, regarding the exclusivity agreement (the "Agreement") in respect of Licences P1929 and P2304 (the "Licences") with a large internationally recognised exploration and production company (the "Counterparty"). Egdon Resources U.K. Limited and the Counterparty have agreed to a short extension to the deadline (from 19 January 2020) for execution of a definitive "farm-out" agreement under the terms of the Agreement.

The short extension will run until 23 January 2020 to provide time for the completion of the farm-in documentation.

Until the definitive agreement is signed, no assurance can be given that a commercial transaction will ultimately be concluded with the Counterparty.

Mark Abbott, Managing Director of Egdon Resources plc, said:

"Having secured extensions to the Licences during November 2019, we have made excellent progress in respect of agreeing the terms and preparing the documentation for a potential farm-in by the Counterparty."

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