SEY.L Regulatory News (SEY)

16 March 2021

Sterling Energy plc

Executive Director appointments

Engagement of joint broker

Sterling Energy plc ('Sterling' or the 'Company') an upstream oil and gas company listed on the AIM market of the London Stock Exchange (Ticker Symbol: SEY) announces that Mr. Paul McDade and Mr. Ian Cloke have joined the Board as executive directors of the Company, with immediate effect.

Mr. McDade has joined as the Company's Chief Executive Officer and Mr. Cloke has joined as the Company's Chief Operating Officer. The Company's existing CEO, Mr. Tony Hawkins, has stepped down from the Board and, after a suitable transition period, will depart the Company. The existing directors of the Company, Mr. Michael Kroupeev, Mr. Ilya Belyaev and Mr. Leo Koot will ensure there is a suitable transition to a new Board of Directors.

Mr. McDade, the former CEO of Tullow Oil plc, and Mr. Cloke, the former EVP at Tullow Oil plc, have extensive experience and knowledge of identifying and developing oil and gas assets in West Africa and intend to refocus the Company's strategy on producing assets in this region.

New directors

Paul McDade: A Petroleum engineer who has over 35 years' experience in the oil & gas industry gaining broad operational, commercial and management experience in the North Sea, Latin America and Africa. He joined Tullow Oil in 2001 and was one of the Executive team who built Tullow Oil to be Africa's leading independent oil & gas company, initially as COO and latterly as CEO, before retiring from this role in December 2019.

Ian Cloke: A Geoscientist who has over 25 years' experience in the oil and gas industry gaining broad, technical, operational, commercial and management experience in Africa, North & South America, the North Sea and South East Asia. He joined Tullow Oil in 2005 after 10 years at ExxonMobil and built operated businesses across the group as a key member of the leadership team and latterly as EVP New Ventures Business, before leaving in September 2020.

Corporate update

The Company is pleased to announce that it has appointed Tennyson Securities to act as the Company's Joint Broker alongside Peel Hunt with immediate effect.

The Company's Non-Executive Chairman, Mr. Michael Kroupeev, said:

"I would like to welcome Paul and Ian to the Board and I look forward to working with them to transition to a new Board of Directors. This is an exciting time for the Company as it looks to move forward with a refreshed strategy for the business.

I would like to thank Tony for his help with the transition between shareholder groups and we wish him all the very best with his future endeavors."

Regulatory

The information included below is required under Rule 17 of the AIM Rules for Companies ("AIM Rules") and Schedule Two Paragraph (g) of the AIM Rules:

Paul McDade, aged 57

Mr McDade owns 2,267,000 ordinary shares in the Company.

Ian Richard Cloke, aged 49

Mr. Cloke owns 1,733,000 ordinary shares in the Company.

For further information contact:

Ticker Symbol: SEY

Sterling Energy plc +44 (0)20 7405 4133

www.sterlingenergyplc.com/

Paul McDade, CEO

Peel Hunt LLP (Nominated Adviser and Co-Broker) +44 (0)20 7418 8900

Richard Crichton

David McKeown

Tennyson Securities (Co-Broker) +44 (0)20 7186 9033

Peter Krens