Lime Petroleum AS secures super senior financing to support payment obligations on the Norwegian Continental Shelf and ongoing restructuring of Lime Petroleum Holding AS

16 Apr 2026 13:39 CEST

Lime Petroleum Holding AS (“LPH”) announces that its subsidiary, Lime Petroleum
AS (“LPA”), has entered into agreements for a new super senior bond issue (the
“New Bond Issue”), subject to satisfaction of customary conditions precedent.

In connection with this announcement a company update is included.

The New Bond Issue is intended to enable LPA to satisfy overdue cash call
obligations relating to its licenses on the Norwegian Continental Shelf (“NCS”)
and to provide additional liquidity runway for LPA to continue operations while
a broader and comprehensive restructuring process is progressed. The proceeds of
the New Bond Issue will be held in escrow with Nordic Trustee and may only be
released and applied in accordance with the agreed terms. The proceeds are
dedicated to LPA’s business and operations and are intended to be used to fund
LPA’s obligations and operational requirements. This financing is an important
step in stabilising LPA’s position in Norway. By addressing outstanding cash
call obligations and establishing dedicated funding for LPA’s business, the New
Bond Issue is intended to support continuity of LPA’s participation in its NCS
licenses and provide near-term operational stability during the ongoing
restructuring process.

As part of the ongoing restructuring process, new boards in LPH and LPA has been
elected. In LPH, the new board consists of Kristen Jakobsen (Chair), Aage
Figenschou, Christopher Atkinson, and Knud Nørve. In LPA, the same board was
elected, with the addition of Ida Collett Sælør, Wenche Lundby and Victoria V.
Fondenær as Board Members. Per Lind was elected as an observer without voting
rights in both companies.

The newly elected boards bring extensive experience in restructuring, capital
markets and E&P operations, which is expected to support the companies in
progressing the ongoing restructuring and pursuing a comprehensive solution for
the business.

The New Bond Issue forms part of a wider restructuring of the group’s financial
position. That process remains ongoing, and LPH, Akrake Petroleum Benin S.A. and
LPA continue to work with relevant stakeholders to implement a comprehensive
solution for the business.

Further updates will be provided as appropriate

More information:
Access the news on Oslo Bors NewsWeb site

670806_Summons_for_a_Written_Resolution_and Company Presentation(16_April_2026).pdf