IGAS Energy : 01/03/2017 Result of mandatory redemption offer

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1 March 2017

IGas Energy Plc (AIM: IGAS)

Result of mandatory redemption offer to secured bondholders

Reference is made to the stock exchange notice published by IGas Energy Plc (the 'Company') on 30 January 2017 regarding a mandatory redemption offer (the 'Redemption Offer') to the holders of its secured callable bonds (ISIN NO0010673791) (the 'Bonds').

The Redemption Offer expired at 16:00 hours CET on 1 March 2017, and the Company hereby confirms that acceptances in excess of the total 2,212,847 Bonds that were offered by the Company to be purchased were received. Pursuant to the terms of the Redemption Offer, the Company will redeem approximately 2.16% of the Bonds held by each bondholder that have accepted the Redemption Offer (on a pro rata basis, in the proportion borne by each bondholder's total holdings of Bonds to the aggregate holdings of all bondholders who have accepted the Redemption Offer ).

Settlement of the Redemption Offer will occur on 8 March 2017, at which time the Company will pay to the accepting bondholders on a pro rata basis the aggregate purchase price of USD 2,323,490 in exchange of the Bonds being redeemed, plus accrued, unpaid interest thereon to and including the Settlement Date.

The result of the Redemption Offer is being published under the Company's ticker on www.newsweb.no and on www.stamdata.no, the information service of the bond trustee for the Bonds, Nordic Trustee ASA.

Requests for more information may be directed to the Manager of the Redemption Offer:

ABG Sundal Collier ASA:

Attn.: Ola Nygård

Telephone: +47 22 01 61 86 / +47 41 21 34 10

E-mail: ola.nygard@abgsc.no

Disclaimers

This announcement has been prepared by the Company exclusively for information purposes. It does not constitute or include any recommendation by the Company (or any other person) regarding the securities of the Company or as to the merits of any transaction or the making of any investment decision. It does not constitute or include any confirmation or commitment by the Company (or any other person) regarding the present or future value of the business of the Company, its securities, its affiliates or any of the Company's or their assets.

This announcement is not intended to and does not constitute or form part of any offer to sell or subscribe for or any invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction.

The release, publication or distribution of this announcement in, into or from jurisdictions other than the United Kingdom may be restricted by law or regulation and therefore any persons who are subject to the laws or regulations of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable requirements.

The Manager is acting on behalf of the Company in connection with the Redemption Offer. The Manager will not be acting on behalf of any other party in connection therewith and will not be responsible to any other party. The Manager has made no assessment of the price offered in the Redemption Offer and does not represent that such price is fair or appropriate.