Exercise of Options

23 March 2012

BAYFIELD ENERGY HOLDINGS PLC

Exercise of Options, Issue of Equity and Total Voting Rights

Bayfield Energy Holdings PLC, an independent oil and gas exploration and production group with key assets in Trinidad and Tobago, announces that it has issued and allotted 1,000,000 new ordinary shares of US$0.10 each in the Company ("Ordinary Shares") pursuant to the exercise of options of the Company. Application has been made for the new Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 29 March 2012.

The new ordinary shares will rank pari passu with the existing shares of the Company. Following the exercise of options, the number of Ordinary shares in issue, and the total number of voting rights, has increased to 216,479,442. This is the figure which may be used by shareholders in 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 FSA's Disclosure and Transparency Rules.

For further information contact:

Bayfield Energy Holdings plc +44 (0)20 7920 2330

Finian O'Sullivan, Chairman

Hywel John, Chief Executive

Seymour Pierce +44 (0) 20 7107 8000

Jonathan Wright/Stewart Dickson (Corporate Finance)

Richard Redmayne/Jeremy Stephenson (Corporate Broking)

M:Communications

Patrick d'Ancona +44 (0) 20 7920 2347

Ann-marie Wilkinson +44 (0) 20 7920 2343

Andrew Benbow +44 (0)20 7920 2344