Serinus Energy PLC — Remuneration Information 2020

Jul 2, 2020

Current Report No. 17/2020Date: 2020-07-02Issuer'strading name: SERINUS ENERGY plc

Title:Executive Salary and Director Remuneration Reductions Extended

Legal basis: Other regulations

Content:In view of the requirement of Article 62.8 of the Actof 29 July 2005 on Public Offering [...], considering that the shares ofSERINUS ENERGY plc ("Company") are listed on AIM in the UK, theManagement of the Company informs that it has published outside theRepublic of Poland information that the Directors of the Company haveagreed to extend the temporary reduction in salaries and fees previouslyannounced in the Company's current report 11/2020 on 27 April 2020. Thereductions will remain due to the current economic environment createdby the impact of COVID-19 and compounded by low commodity prices. TheCompany's priority remains the safety and well-being of its staff whilesafeguarding its operations and the actions announced in its currentreport 7/2020 on 20 March 2020 continue to be successfully implemented.

The Board has reviewed and agreed to continue the following temporarymeasures, with effect from 1 July 2020 until 30 September 2020, subjectto further review at the end of that period:

- a 20% reduction in the base salary for Jeffrey Auld and AndrewFairclough the Executive Directors, for which the Executive Directorswill receive ordinary shares in the Company in lieu of the equivalentamount of salary deducted; and- the Non-Executive Directors willalso take a temporary 25% reduction in fees for the same period.

Shares issued to the Executive Directors will be allotted within fivebusiness days following 30 September 2020, and any subsequent period asmay be implemented by the Board. The number of ordinary shares to beissued is to be determined by dividing the gross amount of salarydeducted by the volume weighted average of the middle market quotationsfor one Ordinary Share for the 90 days ending on 30 September 2020, orany subsequent period as may be implemented by the Board.

A further announcement will be made when the shares are issued to theExecutive Directors.

The attachment to this current report contains text of the originalpress release in English, which has been filed by the Company in the UKand will also be available on Company's website: www.serinusenergy.com