Sirius Pet Regulatory News (SRSP)

2nd November 2015

Sirius Petroleum plc

("Sirius" or the "Company")

Directorate Change

Sirius Petroleum (AIM:SRSP) the investing company focused on oil and gas exploration and development opportunities in Nigeria is pleased to announce the appointment of Christopher (Chris) Neal as a Non-Executive Director, with immediate effect. Chris has over 25 years experience in the City of London, initially in the gilt team at ICH Plc, before founding the bond repurchase desk at ICAP, the leading markets operator and provider of post-trade risk mitigation and information services.

Sirius also announces the resignation of Ajay Kejriwal as a Director of the Company with immediate effect. The Board would like to thank Ajay for his contribution to the Company and wishes him well in his future endeavours. In addition to his disclosable director's remuneration and the issue to Mr Kejriwal in April 2014 of 7.5m warrants to subscribe for new ordinary shares at an exercise price of 5 pence per share ("Warrants"), and in consideration for his contribution and pursuant to a letter of agreement entered into on 30 October 2015, Ajay will receive 25 million new ordinary shares ("New Ordinary Shares") issued at a price of 0.4 pence per share. Furthermore, the Warrants previously granted to him will be cancelled. The New Ordinary Shares will be subject to orderly market restrictions effective from admission until 31 December 2015.

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 Ajay Kejriwal) 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.

Bobo Kuti, Chief Executive, said: "I very much look forward to working with Chris, who has been closely involved with the Company this past year, including as a long-term shareholder and supporter of the Company. Chris brings a wealth of business experience to the Board and has already added value in areas such as recruitment, finance and investor relations." 

Application will be made for the 25 million new Ordinary Shares to be admitted to trading on AIM ("Admission"), which is expected to occur on, or around, 6 November 2015. Following Admission of the New Ordinary Shares, the Company's enlarged issued share capital will comprise 1,721,362,856 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.

Pursuant to Rule 17 and Schedule 2 paragraph (g) of the AIM Rules for Companies, the following information is disclosed:

Chris Neal, aged 57, has been a director or member of the following companies or partnerships during the previous five years:

Music Partners Limited, a Company founded in 1997 by Chris Neal (amongst others) was put into creditors' voluntary liquidation in 2003. Approximately £228,000 was owed to creditors, of which £200,000 was owed to Chris Neal and his family.

Chris Neal is interested in 12,762,083 ordinary shares of 0.25p each in the Company, representing 0.8% of the total issued share capital of the Company. He is also interested in a further 6,912,000 ordinary shares in the capital of the Company by virtue of a spread bet.

There is no further information to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies.

Ends

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