Press Release

Lime Petroleum Engages Exclusive Manager In Bond Financing

Lime Petroleum AS (“Lime Petroleum”) wishes to announce that it has engaged ABG Sundal Collier ASA (“ABGSC”) as its exclusive manager to arrange fixed income investor meetings. Subject to market conditions and acceptable terms, a new NOK denominated senior secured bond issue with three-year tenor may follow.

The purpose of the new bond issue is refinancing of the existing NOK 500 million (approximately US$51 million) senior secured bonds with maturity in January 2024(ISIN NO0011037343) (the “Existing Bonds”) and for acquisition purposes on the Norwegian Continental Shelf (“NCS”), as well as general working capital purposes. Subject to successful placement of the new bond issue, Lime Petroleum will exercise its option to make an early repayment of the Existing Bonds. Lime Petroleum has concluded exclusive negotiations for an acquisition of producing assets on the NCS and further details will be announced at a later stage.