Appointment of Non-Executive Director

Coastal Africa Group Limited ("Coastal" or "the Group"), an AIM-quoted investing company focused on acquiring and investing in the oil and gas sector, energy infrastructure, energy services and energy assets across West Africa, is pleased to announce the appointment of Mr Osten Olorunsola FEI, FEEI as a Non-Executive Director of Coastal, with immediate effect.

Mr Olorunsola is a widely respected figure in African energy and, as such, is ideally positioned to support Coastal as it advances its upstream and midstream development programme in West Africa. In addition to being one of the architects of Nigeria’s Petroleum Industry Act, Mr Olorunsola has more than four decades of experience at the most senior levels within the industry, including a rare combination across policy, regulation and commercial operations.

As Director of Petroleum Resources for Nigeria from 2011 to 2013, Mr Olorunsola was responsible for regulating Nigeria’s oil and gas industry. From 2010 to 2021, he served as Technical Team Lead for the drafting of the Petroleum Industry Bill, a landmark piece of energy legislation for Nigeria, which was signed into law in August 2021. He brings a deep understanding of the fiscal and regulatory framework governing Nigerian hydrocarbons, having helped to shape it.

Mr Olorunsola began his career with Agip-ENI, spending ten years in petroleum geoscience and reservoir engineering roles in Nigeria and Italy, before joining Shell International, where he spent 22 years in senior leadership positions. These included Head of Planning and Economics; Petroleum Engineering Manager for the first major deep offshore development in Nigeria; Technology Manager and Hydrocarbon Resource Volumes Manager for Shell Sub-Saharan Africa; and Vice President, Commercial Gas and Power for Sub-Saharan Africa, where he built Shell’s emerging gas business in the region.

In addition to his role at Coastal, Mr Olorunsola is currently Chairman of Aradel Holdings, one of Nigeria’s leading indigenous independent energy companies. He is also a director at Waltersmith Petroman Oil, IGI Insurance Limited and Lee Engineering Group, where he additionally supervises the activities of Kizi Oil & Gas Limited. He is a Fellow and Country Chairman of the Energy Institute, the international chartered professional body for the energy sector.

Save as disclosed above, there is no further information required to be disclosed pursuant to Schedule Two, paragraph (g) of AIM Rule 17 for Companies in respect of Mr Olorunsola's appointment.

Conrad Clauson, Group Chief Executive Officer of Coastal Africa Group Limited, said:

"Osten is one of Africa’s most respected energy leaders. He has run assets, he has regulated the industry, and he helped write the law that now governs it. We are delighted to welcome someone of his calibre to our Board. His experience and judgement will be of great value as we move our development programme forward, and we look forward to working with him."

Osten Olorunsola, Non-Executive Director of Coastal, added:

"Coastal is doing something I believe in: bringing capital, technical capability and operating discipline to proven African assets. There is significant opportunity in Nigeria and across the continent for those prepared to develop it responsibly. I am delighted to be joining the Board at this stage of Coastal Africa’s growth, and I look forward to contributing to what the team is building."

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