Sheba Exploration (UK) plc

July 15, 2011 05:23 ET

Exercise of Warrants

                                                                                                   15 July 2011

                                          SHEBA EXPLORATION (UK) PLC
                                          ("Sheba" or the "Company")

                                             Exercise of Warrants
Following  Sheba's announcement on 11 July 2011 in respect of Centamin Egypt Limited's ("Centamin") recommended
cash and share offer for the entire issued and to be issued share capital of Sheba (the "Offer"), the Directors
of  Sheba  are  pleased  to  announce that on 14 July 2011 Stratex International Plc  ("Stratex")  and  Douglas
Chikohora exercised all of their outstanding warrants in the Company. Stratex subscribed for 5,333,333 ordinary
shares  of 0.75p each in Sheba ("Sheba Shares") at a price of 0.75p per share and Mr. Chikohora subscribed  for
1,250,000 Sheba Shares at a price of 1.25p per share.

As  noted  in Centamin's offer document dated 11 July 2011 (the "Offer Document"),  the Offer is being extended
to  any  Sheba Shares which are issued or unconditionally allotted while the Offer remains open for acceptance,
including any Sheba Shares issued in connection with existing warrants and share options. As noted in the Offer
Document, Mr. Chikohora has irrevocably undertaken to accept the Offer in respect of all Sheba Shares  held  by
him, including any Sheba Shares in respect of warrants to subscribe for Sheba Shares.

Following  these  exercises,  the issued share capital of the Company comprises  114,545,790  ordinary  shares.
Stratex is now interested in 10,666,666 Sheba Shares representing 9.31 per cent. of the issued share capital of
the  Company, and Mr. Chikohora is now interested in 5,000,000 Sheba Shares representing 4.37 per cent. of  the
issued share capital of the Company.

The proceeds of the subscriptions, amounting to ?55,625, will be used to provide additional working capital for
the Company. The Directors of the Company are responsible for the contents of this announcement.


Sheba Exploration (UK) Plc
Richard Brooker
Tel: 00 353 87699 8401

St Helens Capital Partners LLP
Duncan Vasey/Mark Anwyl
Tel: 020 7368 6959

Contact Information

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