Ruspetro Regulatory News (RPO)

10 July 2013

Ruspetro plc ("Ruspetro" or the "Company")

Directorate Changes, Restructuring of Shareholder Loans Agreed In Principle, Strategic Review Underway

London, 10 July 2013: Ruspetro plc (LSE: RPO) today announces a number of important changes:

·; With immediate effect Tom Reed, current CFO, appointed acting CEO in place of Don Wolcott who has now left the Company

·; Current Chairman Chris Clark to step down at the end of July, replaced by Alexander Chistyakov as Executive Chairman

·; Joe Mach, a Non-Executive Director, steps down with immediate effect

·; Board remains independent by majority and it is planned to further augment its independence in the near future

·; Makayla Investments Limited extends maturity of its shareholder loan to May 2015

·; Limolines Transport Limited agrees in principle to extend its shareholder loan to May 2018

·; Perella Weinberg Partners and Bank of America Merrill Lynch have been appointed to advise on the strategic review process now underway

Tom Reed, Chief Financial Officer and a Director of Ruspetro, has been appointed acting Chief Executive Officer. Tom has been Ruspetro's Chief Financial Officer since 2008 and has been instrumental in the formation and development of the Company. Furthermore, Tom has worked closely with the Board during 2013 in leading restructuring discussions with lenders and successfully negotiating a resolution allowing Ruspetro to improve cash flow and focus on monetizing its significant reserve base.

Alexander Chistyakov, currently President and a Director of the Company, will become Executive Chairman at the beginning of August. Alexander has been an executive and shareholder of the Company since 2010. Alexander's extensive experience at a senior level in Russia's business community as a former First Deputy Chairman of the Russian Federal Grid Company, UES, positions the Company well to pursue its current strategic initiatives and to increase shareholder value.

The Company is also pleased to announce that Makayla Investments Limited has extended its loan of approximately US$20 million from August 2013 to May 2015. Limolines Transport Limited, the Company's largest shareholder, has agreed in principle to extend the maturity of its loan of approximately US$64 million from May 2015 to May 2018 subject to the necessary regulatory approval. The terms of both loans are otherwise unchanged.

The Company also announces that, in continuation of its strategic review process initiated in April of this year, Perella Weinberg Partners has been appointed to advise on the process in conjunction with our corporate broker, Bank of America Merrill Lynch. Further details of this process will be announced in due course.

Rolf Stomberg, Senior Independent Director, commented:

"The Board of Ruspetro would like to thank Don Wolcott for his significant contribution to developing Ruspetro. He leaves the Company in the capable hands of an experienced and very competent technical, operational and financial team led by Alexander Chistyakov and Tom Reed. Under this leadership Ruspetro is well positioned to draw on the depth of experience and knowledge in subsurface, operations and finance of its management team and will continue to focus on the development of the business.

The Board, which remains independent by majority, is committed to building value for shareholders and this is underlined by the positive actions announced today. Chris Clark steps down at the end of July with our thanks for his commitment and contribution over the last eighteen months in establishing the Board processes required of a UK Premium Listed company. We also thank Joe Mach for his contribution to the Board. The Board will be augmented in the near future by one or more Independent Non-Executive Directors."

Tom Reed, acting CEO, commented:

"It has been a great pleasure working with Don over the past five years in building Ruspetro and it is with his support over this period that we have put the right team in place to continue to take the Company forward. I am pleased to lead the Company at this important stage in its development and I am confident in our ability to deliver on our strategic objectives.

We look forward to collaborating with our advisors on the strategic review we began in April. The agreement in principle to extend the maturities of the Company's shareholder loans by our founding shareholders underlines their support for the current management team and for the strategic process now underway."

ENDS

About Alexander Chistyakov

Mr Chistyakov, prior to joining Ruspetro, was First Deputy Chairman of the Russian Federal Grid Company's (UES) management from 2002, having joined in 1999. In 1998 he was the head of the economic analysis department and Deputy Director of the financial department at Russia's Federal Agency on Industry (Rosprom). Prior to that, he was Deputy Director of Investment Management at Menatep Bank, and Deputy General Director of Alliance-Menatep.

About Tom Reed

Mr Reed has been the Chief Financial Officer of the Company since 2008. He was instrumental in the original purchase of the field and brought the Company to its listing on the London Stock Exchange in 2012. He was a private equity and M&A advisor and investor based in Moscow prior to joining the Group. Mr Reed has worked in Russia on the origination, trading, and research of equity and equity derivatives, distressed debt, and debt derivatives since 1995. Mr Reed was an advisor to VR Capital and Raven Russia and a founding shareholder of Rising Star Media. He has advised and invested in several private companies in Russia.

Enquiries

Investors / analyst enquiries

Dominic Manley, Ruspetro

+44 207 318 1265 / +44 7540 460 872

Twitter: @ruspetroplc

Media

Ben Brewerton, Natalia Erikssen - FTI Consulting

+44 207 831 3113

About Ruspetro

Ruspetro plc is an independent oil & gas development and production company, listed on the premium segment of the London Stock Exchange (LSE: RPO). The Company's operations are located on three contiguous licence blocks in the middle of the Krasnoleninsk Arch in Western Siberia. Ruspetro assets include proved and probable (2P) reserves of over 1.8 billion barrels of oil equivalent.