TTA.L Regulatory News (TTA)

WESSEX EXPLORATION PLC

(AIM: WSX)

Statement re Possible Offer

Further to the announcement by Total SA of 19 March 2012, Wessex Exploration (AIM:WSX) ("Wessex"), the hydrocarbon exploration company, announces that it has consulted with its principal shareholders who have confirmed they consider the price of 10p per share inadequate to secure their support for any offer which Total might consider at this level.

Wessex confirms that, having raised £12m (gross) of additional funding in November 2011, the Company is fully funded for all current requirements, including participation in a further Zaedyus appraisal well and at least one additional well intended to prove up the scope of the new hydrocarbon frontier established by the successful Zaedyus exploration well (GM-ES-1).

Following the initial shareholder consultations, the directors are unanimously of the view that the current approach undervalues the Company. Discussions between advisers are continuing.

Rule 2.10 Requirement

In accordance with Rule 2.10 of the Code, Wessex confirms that, as of the date of the announcement, it has in issue 719,364,824 ordinary shares of one pence each. The International Securities Identification Number ("ISIN") number of the ordinary shares is GB00B4MVKX18.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

WH Ireland, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Wessex and for no one else in connection with the possible offer and will not be responsible to anyone other than Wessex for providing the protections afforded to clients of WH Ireland nor for providing advice in relation to the possible offer or any other matters referred to in this announcement.

A copy of this announcement will be available on the website of the Company at www.wessexexploration.co.uk