Dear Shareholder

I am pleased to relay that we have spent the last few days during the holiday period working on a credible and now fully underwritten alternate proposal to the current woeful deal from Zenith Energy that the BoD of AAOG has asked you to vote on. Our group has now submitted this offer to AAOG’s acting chairperson Sarah Cope.

Our proposal provides, as an overview, the following:

1. Cash to stabilise the company through a combination of a placing and the taking out of the entire Equity Share Agreement with Riverfort – both at a significant premium to the current stock price. This cash injection is in excess of Zenith’s proposed sum and includes commitments of material sums from ourselves and the proposed Director nominees aswell as existing large shareholders. The proposal structure also provides for the prospect of further cash coming into AAOG’s balance sheet at a significant premium to the current price.

2. Debt support of a minimum $5m at the asset level (subject to usual conditions with regards to DD etc)

3. Management replacement with individuals who are seasoned Oil & Gas executives and, in the case of Alexander MacDonald, one with deep knowledge of AAOG’s background, indeed he being one of the founders of AAOG, and enjoying a positive relationship with key parties in the Congo. Further, the remuneration of these replacements being pegged at a nominal salary level with their upside coming from equity price appreciation

4. The intention to carry out a forensic investigation into all monies spent under the previous management’s watch

6. Most importantly, the opportunity to retain 100% of the 56% share of the Tilapia licence as opposed to the nominal 20% as proposed in the Zenith deal.

7. The opportunity to recover 100% of the $5.3m debt owed to the company by SNPC again as opposed to the derisory 20% in the Zenith deal.

8. The sweeping out of the “old guard” NED’s connected to Sefton and Berwick and that has presided over such a shocking and swift destruction of value

We have had an overwhelming response this last few days from shareholders holding a very significant portion of the stock register. It is clear that there is a very large groundswell of support to oppose the Zenith deal. I can also confirm that our proposal has the support of some of the largest shareholders too.

With the above in mind, we urge all shareholders to vote in accordance with the template below in order to send a clear signal to the Board of AAOG as to which direction you would like your company taken.

These forms can be downloaded HERE and then email it to sarah.cope@aaog.com and myself at richard.jennings@alignresearch.co.uk together with a copy of your nominee/broker statement verifying your holding and then send a physical copy to the company’s registrar’s address being – Share Registrars Limited at The Courtyard, 17 West Street, Farnham, GU9 7DR. To be safe we would recommend sending this form by recorded delivery and no later than the 3rd January 2020.

In the alternate, please instruct your broker/nominee to vote in accordance with below and to give you confirmation of this voting instruction having been enacted.

I cannot stress enough the importance of using your vote in this situation. The well worn phrase “use it or lose it” takes on a new meaning here.

• Anglo African Oil & Gas