Update re PNG Option Exercise

24 February 2012

UMC Energy Plc

("UMC" or the "Company")

Update re: PNG Option Exercise

Further to the announcement of 12 September 2011 detailing the exercise of the option to acquire 100 per cent. of the issued share capital of PNG Energy Ltd ("PNG") (the "Option") (the "PNG Option Exercise"), UMC confirms that in consideration for the PNG Option Exercise it issued 240 million ordinary shares in UMC ("Ordinary Shares") with a deemed fair value per Ordinary Share of 5.62 pence, implying a total consideration valued at £13.488 million. The net tangible assets of the PNG Group, as at the date of the PNG Option Exercise, were approximately £80,000.

The Company looks forward to making further announcements regarding PNG in due course.

Enquiries:

Chrisilios Kyriakou, Chief Executive Officer

UMC Energy Plc

Telephone: +44(0) 20 7290 3102

Angela Peace/ James Spinney

Strand Hanson Limited

Telephone: +44 (0) 20 7409 3494

Philip Haydn-Slater/Paul Dudley

HD Capital Partners LLP

Telephone: +44(0) 20 3551 4870