Further to its press releases of 14 November 2016, 9
February 2017 and 17 March 2017 Sequa Petroleum N.V.
("Company") notes that a further potential default has
occurred under the Bonds of failure to pay $5.11M interest
under article 10 (a) of the Terms and Conditions of the
Bonds and the failure to remedy has continued for 14
calendar days from 1 May.
The Company expects this new potential default and the
earlier potential defaults to be resolved with its main
shareholder's support for restructuring the Company's debt.
Accordingly, the Company has received confirmation from
Sapinda that the required majority of Bonds is held by
Sapinda and affiliates.
While amounts received to date have not matched the timing
or quantum requested, the Company currently expects to be
able to draw sufficient funds from its convertible loan
facilities with Sapinda Invest Sarl and Sapinda Asia Limited
to enable it to continue to trade and complete the
liquidation of its subsidiary Tellus Petroleum AS, following
cessation of its E&P activity in Norway.
The net funds expected from the repatriation of liquidated
assets together with debt restructuring and possibly new
equity and/or debt funds will enable the Company to progress
selected high quality appropriately sized acquisition
targets of production and development assets elsewhere that
are value-accretive and provide cash flow.
Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com