Exercise of Warrants

1 June 2011

Sirius Petroleum plc

("Sirius" or the "Company")

Exercise of Warrants

The Company announces that it has received notices to exercise warrants over 10,000,000 ordinary shares of 0.25 pence each in the Company ("Ordinary Shares") from each of Strand Hanson Limited ("Strand Hanson") and Corvus Capital Limited ("Corvus") at an exercise price of 0.25 pence per Ordinary Share. Accordingly, the Company will issue, in aggregate, 20,000,000 new Ordinary Shares in settlement of this exercise (the "Warrant Exercise").

The new Ordinary Shares will rank pari passu with the existing Ordinary Shares and application has been made for the new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that the shares will be issued, Admission will become effective and dealings in the new Ordinary Shares will commence at 8.00 a.m. on 6 June 2011.

Following the Warrant Exercise, there will be 741,726,330 Ordinary Shares in issue. This number may be used by shareholders as the denominator for the calculation 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.

Strand Hanson and Corvus have both confirmed that they continue to support the Company and have no current intention to dispose of any shares.

Following the Warrant Exercise, Corvus is interested in, in aggregate, 65,592,317 Ordinary Shares, representing approximately 8.84 per cent. of the Company's issued share capital.

Ends

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