Corporate update

23 Dec 2022 11:28 CET

Mime Petroleum AS (“Mime” or the “Company”) provides a corporate update to
bondholders in ISIN NO0011142036. With reference to the announcement made
September 28, 2022, Mime informs that the Company and its advisor are still
engaging with several parties to explore the possibility for a strategic
transaction. The outcome of the process is still uncertain, and there is a risk
that no transaction will result from the process and/or that consent from
bondholders may be required.

The Company is also working on possible funding alternatives to address the
short-term liquidity need resulting from the previously announced cost increases
and delays to completion of the Jotun FPSO upgrade. The Company’s current
forecast indicates additional liquidity need during March 2023. The Company will
keep bondholders informed of any developments related to the strategic sales
process and contingency funding plans in due course.
Pareto Securities AS and Advokatfirmaet Schjødt AS have been retained as
advisors to the Company.

For more information, please contact:

Olav Haugland
CFO
+47 915 41 809

or

Sverre Skogen
Executive Chairman
+47 971 62 010

More information:
Access the news on Oslo Bors NewsWeb site