ADV.L Regulatory News (ADV)

1 June 2020

Advance Energy plc

("Advance" or the "Company")

CFO Appointment & Board Reorganisation

Advance Energy plc (AIM: ADV), the upstream oil and gas company focussed on building a portfolio of value accretive non-operated interests in established hydrocarbon projects, is pleased to announce the appointment of Mr Stephen West as Chief Financial Officer and Executive Director of the Company Board and the resignation of Mr Graham Smith as Non-Executive Director with effect from 1 June 2020. In addition, Mr Ross Warner has stepped down from his Executive Director position and assumed the role of Non-Executive Director.

Stephen (aged 47) holds a Bachelor of Commerce (Accounting and Business Law) and is a highly experienced Fellow Chartered Accountant (CA ANZ) and CA (ICAEW) with over 26 years of financial and corporate experience gained in public practice, oil and gas, mining and investment banking. Stephen has held several senior positions in oil and gas, and mining companies including most recently at PetroNor E&P Limited (OSE: PNOR) where he was Executive Director and Chief Financial Officer until his resignation in February 2020 after being instrumental in the successful US$100 million merger of African Petroleum Corporation Ltd and PetroNor E&P Limited in August 2019 and the subsequent integration of the two companies. He was also previously a Non-Executive Director of Apollo Consolidated Limited (ASX: AOP). He is co-founder and current Non-Executive Chairman of Zeta Petroleum plc and is also Non-Executive Chairman of TomCo Energy plc (AIM: TOM). Prior to 2002 Stephen worked in the banking sector including Barclays Capital London where he managed Global Finance Projects.

Additional information on Stephen Paul West

The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:

Stephen holds 3,799,201 shares in the Company. Under the terms of his appointment, Stephen will be entitled to an amount of warrants in the Company calculated on a monthly basis by dividing £8,165 by the Company's mid-market price on the date of determination, being no later than the last day of each month ("Director Warrants"). The Director Warrants will accrue monthly, be issued on a quarterly basis, have an exercise price of zero, expire five years from the issue date and vest three months from the issue date.

There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.

Mark Rollins, Advance's Chairman, commented: "The Board is pleased to welcome Stephen to the Advance team. Stephen is a highly experienced and well regarded industry professional, the appointment of whom enhances and diversifies our overall management capabilities. In particular, he has deep experience of utilising capital markets effectively and overseeing value accretive M&A execution. The Company is at an exciting juncture and we look forward to capitalising on the growing pipeline of compelling opportunities that are presenting themselves in the current climate.

The Advance Board thanks Graham for his tenure as Non-Executive Director of the Company and note that Graham will continue to be involved in supporting the Company through his role at FIM Capital, which provides financial and administrative services to Advance Energy."

Enquiries:

Advance Energy plc

Leslie Peterkin (CEO) +44 (0)1624 681 250

Mark Rollins (Chairman)

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish / James Biddle +44 (0) 20 7628 3396

Novum Securities Limited (Joint Broker)

Colin Rowbury +44 (0)20 7399 9427

Optiva Securities Limited (Joint Broker)

Christian Dennis +44 (0)20 3411 1881

For further information, please visit www.advanceplc.com

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").