Sirius Pet Regulatory News (SRSP)

30 September 2015

Sirius Petroleum plc

("Sirius" or the "Company")

Board Change

Sirius Petroleum (AIM:SRSP) the investing company focused on oil and gas exploration and development opportunities in Nigeria announces the resignation of Stephen Fletcher as a Director of the Company. The Chairman will assume the responsibilities of the Finance Director, whilst the Board reviews a suitable appointment with relevant oil and gas experience to assist the Company in moving forwards towards its goal of having a significant interest in a producing oil and gas asset.

The Board thanks Stephen for his contribution since September 2013. He will receive 22.8 million new ordinary shares ("New Ordinary Shares") issued at a price of 0.5 pence per share in full and final settlement of his salary and amounts owed to him, which have been accruing since his appointment. The New Ordinary Shares will be subject to a six month lock-in agreement with the Company effective from admission of the New Ordinary Shares to trading on AIM.

The issue of the New Ordinary Shares is a related party transaction under the AIM Rules for Companies. The independent directors (being those directors of the Company other than Stephen Fletcher) consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Application will be made for the 22.8 million new Ordinary Shares to be admitted to trading on AIM ("Admission"), which is expected to occur on, or around, 6 October 2015. Following Admission of the New Ordinary Shares, the Company's enlarged issued share capital will comprise 1,701,562,856 Ordinary Shares. This figure may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

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