Relevant changes to significant shareholders

23 February 2021

Sterling Energy plc

Relevant changes to significant shareholders

Sterling Energy plc ('Sterling' or the 'Company') an upstream oil and gas company listed on the AIM market of the London Stock Exchange (Ticker Symbol: SEY) announces that, further to the notification made by the Company on 18 February 2021, Waterford Finance & Investment Limited ("Waterford") (an entity owned by the Kroupeev Family Trust which Michael Kroupeev, non-executive chairman is a beneficiary of) and Mistyvale Limited ("Mistyvale", together the "Significant Shareholders") have sold their shareholdings in the Company.

The holdings of Waterford and Mistyvale each constitute a significant shareholding pursuant to the AIM Rules for Companies. The Company can confirm that on 18 February 2021, Waterford and Mistyvale sold their entire shareholdings, being 64,315,517 (29.23%) ordinary shares and 34,467,790 (15.66%) ordinary shares respectively.

The Company understands that the 98,783,307 ordinary shares held by the Significant Shareholders were placed at a price of 15 pence per ordinary share to a number of institutional and high net worth investors. Following the transaction, neither Waterford nor Mistyvale hold any interest in any ordinary shares in the Company.

For further information contact:

Ticker Symbol: SEY

Sterling Energy plc +44 (0)20 7405 4133

www.sterlingenergyplc.com

Tony Hawkins, CEO

Leo Koot, Senior Independent Director

Peel Hunt LLP (Nominated Adviser) +44 (0)20 7418 8900

Richard Crichton

David McKeown