Amendment of Warrants

4 December 2015

Sirius Petroleum Plc.

("Sirius" or the "Company")

Cancellation of Warrants

Sirius Petroleum (AIM:SRSP), the investing Company focussed on oil and gas development and production opportunities in Nigeria, announces the cancellation of 900 million existing warrants and the concurrent grant of 185 million new warrants.

On 4 May 2013 (the "Issue Date") Sirius issued warrants over 900 million new ordinary shares of 0.25 pence each to certain of the Company's advisers at that time, following approval by shareholders at the General Meeting held on 26 February 2013 (the "Existing Warrants"). The Existing Warrants, which were transferable, were split as follows: 300 million at a strike price of 4 pence exercisable within 3 years of the Issue Date; 300 million at a strike price of 6 pence exercisable within 5 years of the Issue Date; and 300 million at a strike price of 10 pence exercisable within 10 years of the Issue Date.

The Company is pleased to announce that it has entered into agreements with the current holders of the Existing Warrants (the "Warrant Holders") to cancel all of them and issue new warrants over 185 million new ordinary shares ("New Warrants") to the Warrant Holders and parties nominated by them. The New Warrants have an exercise price of 2 pence per share and are exercisable for a period of three years from the date of grant, being 3 December 2015.

The New Warrants will be exercisable in whole or part, subject to a minimum exercise amount of 2.5 million Ordinary Shares or such lesser amount equal to the total number of New Warrants held by a single party. The New Warrants contain undertakings from the Company to maintain sufficient shareholder authorities to permit the issue and allotment of ordinary shares arising on exercise of the New Warrants. The New Warrants are transferable, with the Company's consent, such consent not to be unreasonably withheld or delayed.

Following cancellation of the Existing Warrants and issuance of the New Warrants, the total number of options and warrants outstanding in the Company is 462 million (being 26.8% of the Company's current issued share capital of 1,721,362,856 ordinary shares). 70 million of the total options and warrants outstanding, with a strike price of 10 pence per share, will expire on 28 February 2016 unless exercised prior to that date.

Irrespective of any ordinary shares in the Company that any Warrant Holder may currently own, or have an interest in, and assuming no other options or warrants are exercised, should Corvus Capital Ltd. exercise their 71,439,815 New Warrants, they would have a holding of approximately 4.0 per cent. of the Company's enlarged issued share capital.

Commenting, Bobo Kuti, CEO of Sirius Petroleum, said: "I am pleased to have agreed the cancellation of the Existing Warrants. The New Warrants, if exercised in full, will generate £3.7 million of additional cash for the Company and, given the lower exercise price, have a more immediate potential value to the Company. The maximum dilution, if all warrants are exercised, under the new agreements would be 185 million new ordinary shares, compared to 900m shares under the previous agreements."

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