Regulatory news announcement

Equity Participation Agreement

6 June 2018 
                               Karoo Energy Plc 
                      ("Karoo Energy", or the "Company") 
                        Equity Participation Agreement 
Karoo Energy Plc ("Karoo" or "the Company") is delighted to announce that it 
has signed an MOU with Contax Partners ("CP") for CP to be Karoo's technical 
partner and project manager for the extensive exploration and implementation 
work on the Company's shale gas assets. CP is based in Dubai and have over 30 
years of experience in project management of large scale oil and gas projects 
in the Middle East and Africa. 
Following a detailed examination of the Company's shale gas assets CP has 
agreed to become Karoo's technical partner on their shale gas project in 
Botswana. CP has also requested an opportunity to participate in the equity of 
Karoo Energy and to that end has agreed to accept up to GBP800,000 in shares of 
Karoo Energy, subject to the Company's proposed admission to AIM, in return for 
payment for services as per their Project Management agreement with the 
This sum represents more than 20% of the minimum working capital requirements 
of Karoo Energy in respect of its proposed move to AIM. Karoo Energy is 
delighted to have secured the services of Contax Partners and the positioning 
of Contax Partners as a cornerstone shareholder in its proposed admission to 
Mr Filippo Fantechi, Chief Executive Officer of Contax Partners said "We are 
delighted to be appointed as technical partners on Karoo Energy Plc's Botswana 
project and having completed our own independent technical analysis we were 
very happy with the opportunity to participate in the equity of the Company as 
it lists on AIM." 
For further information on Contax Partners please see their website: 
Karoo  proposes to complete its fundraising activities shortly and the Company 
expects to have  applied for admission to AIM by July 1st, 2018, in conjunction 
with its NOMAD Strand Hanson and Broker Cornhill Capital. Further announcements 
will follow in due course. 
The Directors of the Company accept responsibility for the content of this 
Karoo Energy plc 
Noel Lyons 
Telephone: 020 3130 0674 
Corporate Adviser 
Peterhouse Capital Limited 
Guy Miller / Mark Anwyl 
Telephone: 020 7220 9795