The Board of Directors of IOG notes the announcement made earlier today by RockRose Energy plc and confirms that it received and promptly rejected an unsolicited pre-conditional proposal from RockRose in respect of a possible cash offer for the entire issued share capital of the Company at a price of 20 pence per IOG share. 

The announcement by RockRose contains a number of statements which the Board finds misleading and with which the Board does not agree. 

Moreover, the Board believes that this proposal is opportunistic and materially undervalues the Company and does not attribute fair value to IOG's assets, nor their significant future upside. The Board therefore unanimously concluded to reject this proposal unequivocally.

The Board continues to focus its efforts on unlocking value in the Company by securing a farm-out partner for its core project to provide funding optionality in parallel with IOG's stated capital markets funding plans. 

The Board's rejection of RockRose's approach was given with the full support of London Oil & Gas Limited.

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