Result of General Meeting and Issue of Equity

23 December 2010

SPECIALIST ENERGY GROUP PLC

("SEG", "the Company" or "the Group")

Result of General Meeting and Issue of Equity

The Board of SEG (AIM: SEGR.L) today announces that all resolutions put to shareholders at the General Meeting held today were duly passed.

Pursuant to the Placing Agreement as described in the circular sent to SEG shareholders on 29 November 2010, 10,416,667 new ordinary shares of 1 pence each in the Company ("New Ordinary Shares") have been issued at a price of 48 pence each. The New Ordinary Shares have been allotted and application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that such Admission will occur on 24 December 2010.

The New Ordinary Shares will, when issued, rank pari passu in all respects with existing shares including the right to receive dividends and other distributions declared following Admission.

Following Admission, the issued ordinary share capital of the Company will consist of 35,507,404 ordinary shares of 1 pence each, with one voting right per share. There are no shares held in treasury.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, SEG under the FSA's Disclosure and Transparency Rules.

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