Sheba Exploration (UK) plc

Starvest Plc ("Starvest" or "the Company")



Sheba Exploration (UK) plc  ("Sheba")

The  Company notes  that its  investee company  Sheba has reached agreement with
Centamin Egypt Limited ("Centamin") under which Centamin is making a recommended
offer  for  the  entire  share  capital  of  Sheba.   The  offer values Sheba at
approximately 6.15 pence per Sheba share.  The Company has signed an irrevocable
acceptance of the offer.

The  increase in the value of the Company's investment, which is likely to be in
the region of £750,000 once proceeds from the disposal and the value of Centamin
shares  have been taken into  account, will be reflected  in the net asset value
statement  to  be  made  at  30 September  2011 in accordance with the Company's
established practice.



 R Bruce Rowan

 Chairman & Chief Executive

 12 July 2011




Enquiries to:

Bruce   Rowan,   Chairman   020 7486 3997 or   John  Watkins,  Finance  Director
07768 512404; [e-mail]

Colin Aaronson or David Hignell, Grant Thornton Corporate Finance 020 7383 5100
                                                                                                                                                     
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Source: Starvest plc via Thomson Reuters ONE

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