Offer Update

Sterling Energy PLC 04 December 2003 Sterling Energy plc 4 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 Offer declared unconditional in all respects subject to Admission to AIM Sterling is delighted to announce that by 1.00 p.m. on 4 December 2003, being the final closing date of the Offer, Sterling either owned or had received valid acceptances for the Offer in respect of an aggregate of 52,564,034 Fusion Shares, representing approximately 51.37 per cent. of Fusion's issued ordinary share capital. Accordingly, the directors of Sterling announce that all the conditions to the Offer have been satisfied or waived subject only to the admission of the new Sterling Shares to the Alternative Investment Market of the London Stock Exchange becoming effective ('Admission'). Accordingly the Offer is declared unconditional in all respects subject only to such Admission. The Offer will remain open until further notice. The Partial Cash Alternative under which Fusion shareholders may elect to receive 2.5 Sterling Shares and 10p in cash and the Additional Cash Election will remain open until 3.00 p.m. on 18 December 2003 at which time they will close. Forms of Acceptance not yet returned should be completed and returned in accordance with the instructions set out in the Offer Document and the Form of Acceptance. As at 1.00 p.m. on 4 December 2003 Sterling had received valid acceptances for the Offer from holders of 32,563,823 Fusion Shares representing approximately 31.8 per cent. of the issued ordinary share capital of Fusion. These acceptances include valid acceptances for the Offer in respect of 9,400,000 Fusion Shares by Invesco Asset Management Limited for which Sterling had received an irrevocable undertaking to accept the Offer and 11,376,500 Fusion Shares for which Sterling had received letters of intent to accept the Offer, representing approximately 9.2 per cent. and 11.1 per cent. respectively of Fusion's current issued ordinary share capital. Prior to the announcement of the Offer Sterling required 20,000,000 Fusion Shares now representing approximately 19.5 per cent. of the issued ordinary share capital of Fusion in addition to the 211 Fusion shares which it already owned. Settlement of the consideration to which Fusion Shareholders who have already validly accepted the Offer are entitled will be made by the creation of a CREST payment obligation in favour of the Fusion Shareholder's payment bank in accordance with CREST payment arrangements by 18 December 2003. Where a Fusion Shareholder has elected to receive their consideration in certificated form the share certificates and cheques for any cash due under the Partial Cash Alternative or Additional Cash Election as appropriate will be despatched by first class post by 18 December 2003. All such cash payments will be made in pounds sterling. 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 21 November 2003 respectively shall have the same meaning in this announcement. Evolution Beeson Gregory, which is regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Sterling and no one else in connection with the Offer and other matters described herein 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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