Working Capital Loan and Issue of Equity

31 July 2015

Sirius Petroleum Plc.

("Sirius" or the "Company")

Working Capital Loan and Issue of Equity

Sirius (AIM:SRSP), the investing Company focussed on oil and gas development and production opportunities in Nigeria, announces that, pursuant to its announcement dated 22 June 2015 ("Announcement"), it has now entered into definitive agreements for a further £150,000 working capital loan ("Loan"), on terms identical to those of the Working Capital Loan described in the Announcement.

The holders of the Loan have elected for the Loan to be immediately converted into new ordinary shares at a price of 1 pence per share to satisfy repayment of the loan, resulting in the issue of 15 million new ordinary shares. A drawdown fee of £150,000 is to be settled by the issue of 15 million new ordinary shares, issued at a price of 1 pence per ordinary share.

The Company has also agreed to issue 937,500 new ordinary shares at a price of 1 pence per share in settlement of certain contractual obligations.

Application for Admission

Application has been made for a total 30,937,500 new ordinary shares ("New Ordinary Shares") to be admitted to trading on AIM and admission is expected to occur on or around 6 August 2015 ("Admission"). The New Ordinary Shares will represent 2 per cent. of the Company's enlarged share capital and will rank equally in all respects with the Company's existing ordinary shares.

Following this issue the total number of shares in issue will be 1,338,562,856 (the "Enlarged Share Capital"). The Enlarged Share Capital number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

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