Update re: Placing and Subscription

16 September 2014

Sirius Petroleum Plc.

("Sirius" or the "Company")

Further Conditional Placing and Subscription Update

Sirius Petroleum (AIM:SRSP), the Company focused on oil and gas development and production opportunities in Nigeria, provides the following update subsequent to the announcement dated 12 September 2014 regarding the Conditional Placing and Subscription.

The Company confirms that of the remaining 6,169,999 placee shares whose confirmations had not then been received, the placees of 833,333 shares have now agreed to the extension of the Long Stop Date and 5,336,666 have not agreed to any extension and accordingly their placing commitments will lapse.

These 5,336,666 placee shares, as well as the 3,000,000 placee shares announced on the 12 September 2014 that would have otherwise lapsed, have now been conditionally subscribed for, so will not fall away.

Therefore, the total number of shares of the Conditional Placing and Subscription remains unchanged at up to 389,863,548 new Ordinary Shares at 3 pence per share, and the total amount of equity raised remains unchanged at up to £11,695,906 (before expenses).

Commenting, Bobo Kuti, Chief Executive, said:

"I am delighted that the total amount of equity funding remains available and we have extended the Long Stop Date. Whilst the timing is frustrating, we remain focused on funding the Ororo Field with minimal equity dilution and look forward to updating shareholders further on the conclusion of our funding."

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