Sequa Petroleum N.V. plans to cease its activities in Norway
(Thomson Reuters ONE) -
Sequa Petroleum N.V. ("Sequa" or the "Company") today announces that following a
strategic review it plans to cease its E&P activity in Norway conducted through
Tellus Petroleum AS, and focus on acquiring assets elsewhere in Europe. Pursuant
to local statutory requirements, consultation procedures with Tellus employee
representatives have been initiated and other required steps will follow in due
course.
Further to its press release of 23 December 2016 in relation to the Sequa
Petroleum N.V. USD 300,000,000 5.00 per cent Convertible Bonds due 2020 of which
USD 204,400,000 in principal amount remain outstanding, ISIN: XS1220076779
("Bonds"), the Q4 2016 USD $5.11M coupon is still outstanding, however the
Company understands that the required majority of the Bonds is now held by its
main shareholder (Sapinda and affiliates), who are supportive of restructuring
the Company's debt. The cessation of business in Norway constitutes under
article 10 (g) of the Terms and Conditions of the Bonds a potential default of
the Bonds, which the Company also expects to be resolved with Sapinda's support.
By way of update on the convertible loan facilities totalling USD 62.5M from
Sapinda Invest Sarl and Sapinda Asia Limited ("Convertible Loan"), since 23
December a further USD 1,527,640 was provided meaning a total of USD 5,118,521
has now been received since 30 June 2016. The amounts received did not match the
timing or quantum requested by the Company, however the Company currently
expects to be able to draw sufficient further funds to enable it to continue to
trade whilst the Company's debt is being restructured and the process to cease
activity in Norway and liquidate Tellus assets is completed.
The net funds expected from the repatriation of liquidated assets together with
debt restructuring will enable the Company to progress selected high quality
acquisition targets of production and development assets elsewhere.
Effective today, Jelte Bosma will relinquish his role of director of the
Management Board, to pursue additional interests outside the oil & gas sector.
Mr Bosma will continue as an employee of the Company with a focus on business
development.
Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info(at)sequa-petroleum.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sequa Petroleum NV via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 09.02.2017 - 13:00 Uhr
Sprache: Deutsch
News-ID 523183
Anzahl Zeichen: 3011
contact information:
Town:
London
Kategorie:
Business News
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"Sequa Petroleum N.V. plans to cease its activities in Norway"
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