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Lime Petroleum AS secures super senior financing to support payment obligations on the Norwegian Continental Shelf and ongoing restructuring of Lime Petroleum Holding AS

Lime Petroleum Holding AS (“LPH”) announces that its subsidiary, Lime Petroleum AS (“LPA”), has entered into agreements for a new super senior bond issue (the “New Bond Issue”), subject to satisfaction of customary conditions precedent.


In connection with this announcement a company update is included.


The New Bond Issue is intended to enable LPA to satisfy overdue cash call obligations relating to its licenses on the Norwegian Continental Shelf (“NCS”) and to provide additional liquidity runway for LPA to continue operations while a broader and comprehensive restructuring process is progressed. The proceeds of the New Bond Issue will be held in escrow with Nordic Trustee and may only be released and applied in accordance with the agreed terms. The proceeds are dedicated to LPA’s business and operations and are intended to be used to fund LPA’s obligations and operational requirements. This financing is an important step in stabilising LPA’s position in Norway. By addressing outstanding cash call obligations and establishing dedicated funding for LPA’s business, the New Bond Issue is intended to support continuity of LPA’s participation in its NCS licenses and provide near-term operational stability during the ongoing restructuring process.


As part of the ongoing restructuring process, new boards in LPH and LPA has been elected. In LPH, the new board consists of Kristen Jakobsen (Chair), Aage Figenschou, Christopher Atkinson, and Knud Nørve. In LPA, the same board was elected, with the addition of Ida Collett Sælør, Wenche Lundby and Victoria V. Fondenær as Board Members. Per Lind was elected as an observer without voting rights in both companies.


The newly elected boards bring extensive experience in restructuring, capital markets and E&P operations, which is expected to support the companies in progressing the ongoing restructuring and pursuing a comprehensive solution for the business.


The New Bond Issue forms part of a wider restructuring of the group’s financial position. That process remains ongoing, and LPH, Akrake Petroleum Benin S.A. and LPA continue to work with relevant stakeholders to implement a comprehensive solution for the business.


Further updates will be provided as appropriate



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