Offer Update

Sterling Energy PLC 04 December 2003 Not for release, publication or distribution in, into or from the United States, Canada, Australia or Japan. Sterling Energy plc Offer for Fusion Oil & Gas plc by Evolution Beeson Gregory Limited on behalf of Sterling Energy plc Acceptance levels on the penultimate day Sterling Energy plc reminds Fusion Shareholders that the Offer made by Evolution Beeson Gregory on behalf of Sterling for the issued and to be issued share capital of Fusion Oil & Gas plc will lapse* today unless the Offer is declared unconditional as to acceptances prior to midnight tonight, Thursday 4 December 2003. In order for this to happen Sterling must receive valid acceptances under the Offer by 1.00 p.m. today so that it owns or has received valid acceptances in respect of greater than 50 per cent. of Fusion's issued ordinary share capital. By reference to the announcement made by Fusion yesterday this would require Sterling to either own or have acquired not less than 50,703,113 Fusion Shares As at 3.00 p.m. yesterday, 3 December 2003, Sterling either owned or had received valid acceptances for the Offer in respect of an aggregate of 49,830,746 Fusion Shares, representing approximately 49.14 per cent. of the issued ordinary share capital of Fusion. This represents 872,367 Fusion Shares less than is required to meet the minimum acceptance condition. In light of the fact that our acceptance levels to date are within such close proximity to the minimum acceptance level we require under the Offer, we would urge all Fusion Shareholders who have not already accepted the Offer or who have decided to ignore our Offer to reconsider their position in the short timeframe remaining. Additional Information Sterling has received valid acceptances for the Offer in respect of holders of 29,830,535 Fusion Shares, representing approximately 29.41 per cent. of the issued ordinary share capital of Fusion. These acceptances include valid acceptances of the Offer in respect of 9,400,000 Fusion Shares held by Invesco Asset Management Limited for which Sterling had received an irrevocable undertaking to accept the Offer and 11,367,500 Fusion Shares for which Sterling had received letters of intent to accept the Offer, now representing approximately 9.27 per cent. and 11.21 per cent. respectively of Fusion's issued ordinary share capital. Prior to the announcement of the Offer Sterling acquired 20,000,000 Fusion Shares now representing approximately 19.72 per cent. of the issued ordinary share capital of Fusion in addition to the 211 Fusion Shares it already owned. Of those Fusion Shareholders accepting the Offer to date, 95.31 per cent. have elected to receive wholly Sterling Shares on the basis of 3.5 Sterling Shares for each Fusion Share rather than electing for the Partial Cash Alternative or the Additional Cash Election available under the terms of the Offer. Words and expressions defined in the offer document from Sterling to Fusion Shareholders dated 1 October 2003 and the circulars from Sterling to Fusion Shareholders dated 18 October 2003 and 20 November 2003 shall have the same meaning in this announcement. *The Offer will not be revised or extended save in the event of a competitive situation (as determined by the Panel) arising or otherwise with the consent of the Panel. Evolution Beeson Gregory, which is regulated in the UK by the Financial Services Authority, is acting exclusively for Sterling and no one else in connection with the Offer and other matters described herein and will not be responsible to anyone other than Sterling for providing the protections afforded to customers of Evolution Beeson Gregory or for giving advice in relation to the Offer or any other matter described in this announcement. This information is provided by RNS The company news service from the London Stock Exchange

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