Lime Petroleum Holding AS – update on strategic review and restructuring process

08 Jun 2026 08:03 CEST

8 June 2026

Lime Petroleum Holding AS – update on strategic review and restructuring process

Lime Petroleum Holding AS (the “Company”) provides the following update on the
ongoing strategic review and restructuring process.

Since its appointment on 10 April 2026, the Board has focused on identifying
recoverable values within the group and establishing how maximum value can best
be realised in the interest of the Company’s bondholders. The work includes
considering the market value of existing assets and assessing the potential
upside as well as the risk of reduced recoverable value if operations are
continued.

The board recognises that the restructuring analysis and subsequent process is
critical, however we are conscious that the process necessarily entails that the
Company incurs substantial restructuring costs. The Board has therefore sought
to move the process from review to conclusion and action as quickly as possible
without compromising on bondholder value recovery. Overhead costs are being
reduced. Management has terminated third-party contractor arrangements that are
not required for the Company’s current activities, and the organisational
structure is being evaluated as part of the ongoing strategic review.

The situation for the Norwegian assets, held by Lime Petroleum AS, is now
normalised, while the situation in Lime Petroleum Germany is considered stable
for the moment.

The Board has completed the review of the Company’s Benin operations and has
decided to discontinue this activity. Funding to the Benin operations was
stopped on 29 May 2026. The Company is currently pursuing a sale of its shares
in the Benin business, with a term sheet signed and negotiations over a detailed
sales and purchasing agreement (SPA) ongoing. Whilst a sale, if the SPA
negotiations are successful, will not bring in an immediate cash consideration,
a total of approximately USD 33 mill in vendor debt will remain in the Benin
entity that is sold, and the share consideration could rise up to USD 5 mill.
Furthermore, if a sale or other viable solution is not achieved within a short
time, the relevant Benin entities can be expected to commence insolvency
proceedings.

The Board expects to conclude the review of the Company’s Norwegian and German
operations by the end of June at the latest. The review so far has included both
an internal analysis of the assets and a review of several indicative offers
that the Company has received for its Norwegian assets. The Board expects to
engage a securities firm to secure the best possible recovery outcome for the
bondholders.

The Board would like to highlight that the Company’s internal valuation of the
Brage assets has recently increased significantly. In early June, the operator
(OKEA) indicated that the increased Talisker reserves,

announced in March, can probably be developed at a higher production rate and
with less drilling than previously expected. As a consequence, Lime’s
preliminary internal calculations indicate a value uplift in the region of USD
25-35 million net to Lime.

In parallel with the strategic review, the Board is reviewing certain legacy
related-party contractual arrangements, to assess compliance with applicable
requirements, if they were entered into on appropriate terms and their impact on
the company’s financial position and bondholder recovery. The Board will
consider appropriate actions based on the outcome of this review.

Going forward, the Board intends to facilitate update sessions every two weeks
for bondholders participating in the ad hoc group and/or their representatives,
with a view to ensuring that relevant bondholders receive consistent and timely
information on the ongoing strategic processes, subject to applicable
confidentiality and transaction constraints. The first update will be 11 June
2026 at 18:00 CET.

More information:
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675573_2026-06-08 LPH - Press Release Lime Petroleum Holding AS update on strategic review and restructuring process.pdf