Funding Update

7 November 2014

Sirius Petroleum Plc

("Sirius" or the "Company")

Funding update

Further to the announcement dated 16 October 2014, the Board of Sirius is pleased to announce that it is progressing discussions for a US$15m convertible loan (the "Convertible Loan") with a Dubai-based energy focused investment firm (the "Potential Investor"). The Potential Investor has begun its standard due diligence process.

The Board is also in final stages of completing a fundraising of up to US$15m of equity funding from new and existing shareholders (the "Equity Fundraising"), the majority of whom had participated in the conditional placing and subscription referred to below. Commitments for a total of US$11.75m have been received by the close of business on 6 November 2014. The Convertible Loan and the Equity Fundraising are inter-conditional, and combined, will provide up to US$30m to enable the Company to proceed with its development plan.

On 16 October 2014 the Company announced that it had provisionally raised circa US$20m by way of a conditional placing and subscription and that it was seeking to raise Further Funding to enable it to put its Ororo oil and gas field into production. The outstanding conditions of the placing and subscription have not been satisfied by the long stop date of 7 November 2014, hence the conditional placing and subscription have now lapsed.

The Board will make further announcements on the progress of the Convertible Loan and following the receipt of the remaining Equity Fundraising commitments.

Commenting, Bobo Kuti, CEO said "I am grateful for the support of new and existing shareholders in participating in the Equity Fundraising, which we hope to conclude shortly whilst we finalise the terms of the Convertible Loan."

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