Conditional Placing and Subscription Update

Sirius Petroleum Plc.

("Sirius" or the "Company")

Conditional Placing and Subscription Update

Sirius Petroleum (AIM:SRSP), the Company focused on oil and gas development and production opportunities in Nigeria, provides the following update subsequent to the announcement dated 23 July 2014 regarding the Conditional Placing of 63,530,215 Ordinary Shares and Subscription of up to 326,333,333 new Ordinary Shares, being an aggregate of up to 389,863,548 new Ordinary Shares at 3 pence per share, to raise up to £11,695,906 before expenses (together "the Placing and Subscription").

The Company continues its discussions with providers of finance in order to obtain the Further Funding (as defined in the announcement of 23 July 2014) that is required to bring its off-shore marginal field, located in OML 95, the Ororo field, into production. These discussions are progressing well but have not yet been concluded, therefore the Company has requested that the Placees and Subscribers of the Conditional Placing and Subscription extend the long stop date (being the date by which all conditions need to be met).

To date, Placees representing 54,360,216 Placing Shares and all Subscribers representing 326,333,333 Subscription Shares have agreed to extend the long stop date from 15 September 2014 to 7 November 2014. Placees representing 3,000,000 Placing Shares, equating to £90,000, have not agreed to extend and therefore will no longer be participating in the Placing. Confirmations to the extension are expected from the remaining Placees and a further announcement will be made shortly.

The Company looks forward to concluding the Further Funding and will update shareholders accordingly when further information is available.

Commenting, Bobo Kuti, Chief Executive, said:

"We have made significant progress with the Further Funding required to develop the Ororo field and in securing funding partners who we believe can support our strategy to build the asset base of our portfolio. It is our intention to conclude this Funding and we would like to thank the Placees and Subscribers for their continued support, as we move to complete the process of putting our first marginal field into production, which is presently targeted for Q1 2015."

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