TIDMSRSP

RNS Number : 6354A

Sirius Petroleum PLC

30 September 2015

30 September 2015

Sirius Petroleum plc

("Sirius" or the "Company")

Board Change

Sirius Petroleum (AIM:SRSP) the investing company focused on oil and gas exploration and development opportunities in Nigeria announces the resignation of Stephen Fletcher as a Director of the Company. The Chairman will assume the responsibilities of the Finance Director, whilst the Board reviews a suitable appointment with relevant oil and gas experience to assist the Company in moving forwards towards its goal of having a significant interest in a producing oil and gas asset.

The Board thanks Stephen for his contribution since September 2013. He will receive 22.8 million new ordinary shares ("New Ordinary Shares") issued at a price of 0.5 pence per share in full and final settlement of his salary and amounts owed to him, which have been accruing since his appointment. The New Ordinary Shares will be subject to a six month lock-in agreement with the Company effective from admission of the New Ordinary Shares to trading on AIM.

The issue of the New Ordinary Shares is a related party transaction under the AIM Rules for Companies. The independent directors (being those directors of the Company other than Stephen Fletcher) consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Application will be made for the 22.8 million new Ordinary Shares to be admitted to trading on AIM ("Admission"), which is expected to occur on, or around, 6 October 2015. Following Admission of the New Ordinary Shares, the Company's enlarged issued share capital will comprise 1,701,562,856 Ordinary Shares. This figure may be used by shareholders of the Company as the denominator for the calculations 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 under the FCA's Disclosure and Transparency Rules.

Ends

Enquiries

 
 Sirius Petroleum plc                    +44 (0) 20 3740 7460 
  Bobo Kuti / Jamie Bligh                 www.siriuspetroleum.com 
 Cairn Financial Advisers LLP (Nomad) 
  Tony Rawlinson/ Emma Earl              +44 (0) 20 7148 7900 
 Merlin Partners LLP (Financial 
  Advisor) 
  Ashleigh Ruxton                        +44 20 7484 0901 
 Cantor Fitzgerald Europe (Broker) 
  David Porter / Sarah Wharry            +44 (0) 207 894 7000 
 Gable Communications Limited            +44 (0) 20 7193 7463 
  John Bick                               Email: srsp@gablecommunications.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 30, 2015 02:03 ET (06:03 GMT)

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