Genel Energy Regulatory News (GENL)

Vallares PLC ("Vallares" or the "Company")

22 June 2011

For immediate release

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

This announcement is an advertisement and not a prospectus and not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction including in or into the United States, Canada, Australia, or Japan. Investors should not subscribe for or purchase any transferable securities referred to in this announcement except on the basis of information in the prospectus (the "Prospectus") published by the Company in connection with the admission ("Admission") of its ordinary shares (the "Ordinary Shares") to the standard listing segment of the Official List of the Financial Services Authority (the "FSA") and to trading on London Stock Exchange plc's (the "London Stock Exchange") main market for listed securities. Copies of the Prospectus are available from the Company's registered office.

Admission to the Official List and commencement of unconditional dealings on the London Stock Exchange

Vallares is pleased to announce that its Ordinary Shares have today been admitted to the Standard Listing segment of the Official List of the FSA and to trading on the London Stock Exchange's main market for listed securities (ticker symbol VLRS). Unconditional dealings in Vallares' ordinary shares commenced at 8.00am today.

For the purposes of the FSA's Disclosure and Transparency Rules, following Admission, which occurred today, the total number of voting rights in the Company is 133,090,002. The total number of Ordinary Shares is 133,090,002.

Finsbury

+44 20 7251 3801

Edward Simpkins

Jenny Davey

IMPORTANT NOTICE: This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in any jurisdiction including the United States, Canada, Australia or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to herein have not been registered under the U.S. Securities Act of 1933 (the "Securities Act") and may not be offered, sold, transferred or delivered, directly or indirectly, in or into the United States or to or for the account or benefit of U.S. persons absent registration under the U.S. Securities Act or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of the securities in the United States. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Canada, Australia or Japan or to, or for account or benefit of any national, resident or citizen of Canada, Australia or Japan. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act, under the securities legislation of any state or territory or jurisdiction of the United States or under the applicable securities laws of Australia, Canada or Japan. There will be no public offer of the securities in the United States.

The Ordinary Shares are being offered outside the United States to persons that are non-U.S. persons in offshore transactions within the meaning of and in accordance with the safe harbour from the registration requirements provided by Regulation S under the Securities Act. The Ordinary Shares are being offered within the United States or to US persons in transactions exempt from the registration requirements of the Securities Act for transactions not involving a public offering and only to persons who are both qualified institutional buyers, as defined in Rule 144A of the Securities Act, and qualified purchasers, as defined in section 2(a)(51) of the U.S. Investment Company Act of 1940.

This announcement has been issued by and is the sole responsibility of the Company.

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in just jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.