Bondholder update

20 Feb 2023 18:10 CET

Reference is made to Mime Petroleum AS 10.25% USD 300,000,000 senior secured
callable bonds 2021/2026(ISIN NO 0011142036) (the "Bonds" or "MIME02").

Mime Petroleum AS ("Mime") and a group of bondholders of the MIME02(the "AHC")
are working diligently with securing funding for the Company's liquidity gap
emerging in March 2023 and the AHC have also communicated its support to a
waiver of the minimum liquidity covenant set out by the terms of the Bonds until
March 15, 2023, in support of this. This will be formalized through a summons to
the bondholders of the MIME02, which is expected to go out later this week.

Mime and the AHC have principally agreed to terms of a new financing and
restructuring of MIME02, but details cannot be shared at this time due to
different alternatives still being evaluated. In respect to the strategic sales
process, this is also progressed by the Company and the AHC, but Mime’s largest
shareholder has not consented to a proposed voluntary transaction supported by
the Company and the AHC. The company and the AHC are exploring options to
conclude on best way forward and will update the market in due course.

For more information, please contact:

Olav Haugland
CFO
+47 915 41 809

or

Sverre Skogen
Executive Chairman
+47 971 62 010

More information:
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