Final Results

WESSEX EXPLORATION PLC

(AIM: WSX)

Full Results for the Year Ended 30 June 2011

Wessex Exploration PLC ("Wessex Exploration" or "the Company"), the hydrocarbon exploration company, is pleased to announce its full results for the year ended 30 June 2011.

The strategic objective of Wessex Exploration is to add value by proving up leads and plays in the licence areas held by the Company. Wessex Exploration seeks to balance shareholder exposure to risk and capital outlay with appropriate reward by de-risking projects including the drilling of high impact wells by other parties.

Highlights

·; The success of the high profile exploration well drilled in Guyane waters targeting the Zaedyus prospect

·; AIM admission achieved in March 2011 accompanied by £3 million institutional placing

·; Significant progress made in farm-out discussions over Juan de Nova Est permit area in the Mozambique Channel

Chairman's Statement

I am pleased to report to the shareholders of Wessex Exploration on continuing progress during the 12 months ended 30 June 2011 and beyond, especially in respect of our key interest in Guyane where the operator, Tullow Oil plc has announced details of an offshore oil discovery.

Since my last statement to shareholders in March 2011, the profile of Wessex Exploration has been raised considerably, due to the much publicised success of the GM-ES-1 well targeting the Zaedyus prospect in the deep waters of Guyane.

The AIM admission on the London Stock Exchange in March 2011 accompanied by a £3 million institutional placing facilitated the funding of our share of the well in Guyane and the advancement of our other projects' interests held in Juan de Nova Est located in the Mozambique Channel, Southern England and Western Sahara.

Guyane

The GM-ES-1 well was drilled by partners Tullow Oil plc ("Tullow") the operator (27.5%), Shell E&P France ("Shell") (45%), Total E&P Guyane Francaise SAS ("Total") (25%) and Northpet Investments Limited (2.5%), a joint venture between Northern Petroleum Plc and Wessex Exploration, each with a beneficial net holding of 1.25%.

In September 2011, Tullow issued a news release stating "the Zaedyus exploration well, has made an oil discovery having encountered 72 metres of net oil pay in two turbidite fans. Results of drilling, wireline logs and samples of reservoir fluids show that the well has encountered good quality reservoir sands on prognosis".

The objective of the Zaedyus well was to test whether the Jubilee-play off-shore Ghana, successfully established in West Africa, was mirrored on the other side of the Atlantic. This theory has now been confirmed by the discovery and indicates the opening of a new frontier basin in Guyane.

Evaluation, including a resource assessment, is ongoing from information obtained from the well, the results of which will determine the future campaign to be conducted over the Guyane Maritime Permit covering an area of approximately 30,000 square kilometres.

Five other fan prospects have been mapped resulting from the extensive 3-D survey acquired by the partnership during 2009/2010, namely, Priodontes, Dasypus, Bradypus, Formis and Cebus. Outside the 3-D zone there also lies the Matamata prospect, a very large structural four-way-dip closure.

The Zaedyus discovery substantially de-risks the existing prospect inventory and Wessex Exploration has high expectations of the future of this major project which according to Tullow "marks the start of a significant and potentially transformational long term exploration and appraisal campaign".

Juan De Nova Est

The island of Juan de Nova lies in the Mozambique Channel and is an overseas territory of France. The Juan de Nova Est permit, comprising 9,100 square kilometres is 70% held by Wessex Exploration with Global Petroleum holding the remaining 30%.

A thick stratigraphic section of sedimentary and volcanic rocks ranging from Permian to Tertiary underlies the permit area and the geology suggests the existence of at least two and possibly three different hydrocarbon systems in the region.

Desktop and other studies continue on the project and Wessex Exploration has recently purchased field tapes of a seismic line, part of a survey shot in 2001, over the whole of the exclusive economic zone of Juan de Nova. Work is being conducted to improve the original data by re-processing this information set.

The terms of this permit require substantial investment by Wessex Exploration and a farm-out campaign, commissioned by Wessex Exploration and managed by ENVOI (a company offering specialist marketing and advisory services to the oil and gas industry), is showing promise. Two firm proposals have been received and management is considering these offers which will assist in our commitment to fulfilling the future work obligations in return for an equity interest in the project.

Southern England

Wessex Exploration currently has interests of 50% and 25% in two Petroleum Exploration and Development Licences ("PEDLs") located in Southern England, PEDLs 238 and 239 respectively. For strategic reasons our interests in PEDL O89 were relinquished during Q3 2011. The PEDLs are operated by NWE Mirrabooka, a wholly owned subsidiary of Norwest Energy NL, based in Perth, Western Australia and listed on the Australian Stock Exchange.

NWE Mirrabooka and Wessex Exploration have applied for an extensive area of Bournemouth Bay, to the east of the Wytch Farm oilfield, in the 26th UK Seaward Licensing Round. The licence application is for an area covering multiple part-blocks between the mainland licences PEDL 238 and the Isle of Wight licence PEDL 239. The results of these applications are expected in late 2011 or early 2012.

A Competent Person's Report, conducted by Molten Limited, written in March 2011 for the purpose of the AIM flotation, shows a net P50 potential Prospective Resource for the UK portfolio of the current interests held by Wessex Exploration of approximately 100 million barrels of oil.

Wessex Exploration and its partners on the PEDLs will continue evaluation with an objective to prove up the existing leads, with a view to drilling over the next two years.

Western Sahara

The United Nations considers Western Sahara to be a Non-Self-Governing territory; jurisdiction over the territory is disputed between Morocco to the north and the Saharawi Arab Democratic Republic ("SADR") proclaimed in 1976 by the Polisario Front.

The SADR conducted its first oil and gas licence exploration round in 2005. Maghreb Exploration, a wholly owned subsidiary of Wessex Exploration was awarded operatorship of the licences in the form of Production Sharing Contracts. Wessex Exploration, via Maghreb Exploration, holds a 50% equity interest in the large offshore Guelta and onshore Bojador blocks respectively

If and when political status of the SADR is resolved the potential of the area can be explored.

Corporate

The ordinary shares of Wessex Exploration are now traded on AIM on the London Stock Exchange following the move from the PLUS-market in March 2011.

An oversubscribed open offer and placing in November 2010 raised £1.875 million before expenses and a successful institutional placing conducted in March 2011, at the same time as the AIM admission, raised £3.0 million before expenses ensuring the Company's financial capability to fund the initial Guyane drilling programme and to progress other exploration activities. In addition, we remain debt free.

The Zaedyus discovery is a Company changing event and I would like to make it very clear that Wessex Exploration has every intention of remaining part of this consortium during this existing time to enable shareholders to benefit further from the expected positive outcome of any appraisal drilling and future development. Therefore it is important that the Company has the flexibility to react without delay to the requirements of the project and the resolutions proposed at the AGM are for this purpose.

Summary

Significant progress has been made during the year and I am very pleased for the shareholders who have supported us during the drilling of the Zaedyus well.

There is no in-between status in the speculative world of oil exploration - it is a make or break situation. On a personal basis I have taken immense pleasure in the success of Wessex Exploration to date.

The Zaedyus discovery has cemented a more than positive future for Wessex Exploration going forward and the AIM flotation has been a tremendous success at time of writing showing a positive increase in the share price even during difficult market conditions.

The exploration portfolio and strategy put together in the early days of the formation of Wessex Exploration are set on firm foundations and I am confident that further good news on our projects, in particular Guyane will be forthcoming in the future.

David Bramhill

Chairman

26 October 2011

Consolidated Income Statement

for the year ended 30 June 2011

Consolidated Balance Sheet

as at 30 June 2011

Consolidated Statement of Changes in Equity

for the year ended 30 June 2011

Consolidated Cash Flow Statement

for the year ended 30 June 2011

Notes to the Financial Statements

1. Basis of Preparation

This announcement has been prepared in accordance with International Financial Reporting Standards ("IFRS") but in itself does not contain sufficient information to comply with IFRS. Details of the accounting policies are set out in the annual report for the year ended 30 June 2011. These accounting policies have been amended from the prior year due to the transition to IFRS. Other than presentation there were no significant adjustments in respect of the transition to IFRS.

2. Loss per Share

Basic loss per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.

Given the Group's reported loss for the year share options are not taken into account when determining the weighted average number of ordinary shares in issue during the year and therefore the basic and diluted earnings per share are the same.

3. Cash Flow from Operating Activities

4. Publication of Non-Statutory Accounts

The financial information set out in this announcement does not comprise the Group's statutory accounts for the years ended 30 June 2011 or 30 June 2010.

The financial information has been extracted from the statutory accounts of the Company for the years ended 30 June 2011 and 30 June 2010. The auditors' opinion on those accounts was unmodified and did not contain a statement under section 498 (2) or section 498 (3) Companies Act 2006 and did not include references to any matters to which the auditor drew attention by the way of emphasis.

The statutory accounts for the year ended 30 June 2010 have been delivered to the Registrar of Companies, whereas those for the year ended 30 June will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

5. Annual Report and Annual General Meeting

The Annual Report will be available from the Company's website www.wessexexploration.com from 27 October 2011 and will be posted to shareholders on or around 8 November 2011. The Annual Report contains notice of the Annual General Meeting of the Company which will be held at 11.00 a.m. on 6 December 2011 at the offices of Ashfords LLP, Tower Wharf, Cheese Lane, Bristol BS2 0JJ.