Exercise of Stock Options

12 March 2021

Diversified Gas & Oil PLC

("DGO" or the "Company")

Exercise of Stock Options

Diversified Gas & Oil PLC (LSE: DGOC) announces the vesting of 833,334 Stock Options previously awarded to members of its senior management team and the concurrent exercise of the same. The Company withheld 654,235 shares to satisfy the underlying £0.84 exercise price and related employee tax withholdings. Accordingly, DGO issued and allotted an aggregate of 179,099 new ordinary shares of 1 pence each in the Company (the "New Shares") (net of withholding tax).

DGO has applied for the New Shares to be admitted to the Premium Listing Segment of the Official List of the Financial Conduct Authority and to trading on the main market of the London Stock Exchange PLC, and expects admission to occur on or around 15 March 2021. The New Shares will rank pari passu in all respects with the Company's existing ordinary shares of 1 pence each ("Ordinary Shares").

Including the New Shares, the Company has 707,703,917 Ordinary Shares in issue and holds no Ordinary Shares in treasury. Shareholders may use 707,703,917 as the denominator in calculations to determine if they must notify the Company of their interest in, or a change to their invested interest under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

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About Diversified Gas & Oil PLC

Diversified Gas & Oil PLC is an independent energy company engaged in the production, marketing and transportation of primarily natural gas related to its synergistic US onshore upstream and midstream assets.