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Adoption of Financial Reporting Standard 101

22 Apr 2016

Notification of Adoption of

Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101")

Following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council (“FRC”), the Company is required to elect which of the available accounting frameworks it will adopt in preparing its parent company financial statements.

The Board considers that it is in the best interest of the Company to adopt FRS 101. This will take effect for the financial statements for the seven-month period ended 31 December 2015. The group consolidated financial statements will continue to be prepared in accordance with EU-adopted IFRS and the disclosures therein will be unaffected by this new accounting framework.

Further information on FRS 101 is available on the website of the FRC, www.frc.org.uk.

The Company has notified all shareholders of the adoption of FRS 101 by letter or email as per individual preference. Please note any shareholder, or shareholders, holding in aggregate 5% or more of the total allotted shares in the Company may serve an objection with regard to the Company adopting FRS 101 by writing to the Company Secretary at Victoria Oil & Gas plc, Hatfield House, 1st Floor, 52‑54 Stamford Street, London, SE1 9LX, United Kingdom or by email to info@victoriaoilandgas.com by no later than 9 May 2016.