All posts by mark

Sequa Petroleum N.V. Funding Update

Further to its press release of 15 May, Sequa Petroleum N.V. (“Company”) announces that its 100% subsidiary Tellus Petroleum AS has now received NOK 358,863,837 from the Norwegian tax authorities in relation to its cessation of E&P activity in Norway.

As previously stated, Management expects that debt restructuring and possibly new equity and/or debt funds will enable the Company to progress selected high quality appropriately sized acquisition targets of production and development assets elsewhere that are value-accretive and provide cash flow.

Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com

Sequa Petroleum N.V. General Meeting

On 31 May 2017 at the Company’s General Meeting held in Amsterdam, shareholders representing 58.91% of the issued share capital of the Company passed a single resolution, according to Dutch law, to extend the end of the Company’s five month period for its accounts for the financial year 2016 to be prepared and made available to shareholders for inspection, until 31 October 2017.

The Company expects its accounts to be prepared and made available to shareholders before this date, and the Company notes that under the rules of the Nordic ABM exchange accounts were required to be disclosed earlier than under Dutch law, by 31 May.

Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com

Sequa Petroleum N.V. Bonds Update

Further to its press releases of 14 November 2016, 9 February 2017 and 17 March 2017 Sequa Petroleum N.V. (“Company”) notes that a further potential default has occurred under the Bonds of failure to pay $5.11M interest under article 10 (a) of the Terms and Conditions of the Bonds and the failure to remedy has continued for 14 calendar days from 1 May.

The Company expects this new potential default and the earlier potential defaults to be resolved with its main shareholder’s support for restructuring the Company’s debt. Accordingly, the Company has received confirmation from Sapinda that the required majority of Bonds is held by Sapinda and affiliates.

While amounts received to date have not matched the timing or quantum requested, the Company currently expects to be able to draw sufficient funds from its convertible loan facilities with Sapinda Invest Sarl and Sapinda Asia Limited to enable it to continue to trade and complete the liquidation of its subsidiary Tellus Petroleum AS, following cessation of its E&P activity in Norway.

The net funds expected from the repatriation of liquidated assets together with debt restructuring and possibly new equity and/or debt funds will enable the Company to progress selected high quality appropriately sized acquisition targets of production and development assets elsewhere that are value-accretive and provide cash flow.

Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com

Sequa Petroleum N.V. Extended Period To Publish 2016 Annual Report

Sequa Petroleum N.V. (“Company”) has received an approval from Olso Bors to extend the deadline to publish its 2016 annual report to 31 May 2017.

Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com

Notice of the Extraordinary General Meeting of Shareholders of Sequa Petroleum N.V.

Shareholders are hereby invited to attend the Extraordinary General Meeting of Shareholders (EGM) of Sequa Petroleum N.V. (the Company), to be held at the 24th floor, Rembrandt Tower, Amstelplein 1 (1096 HA) in Amsterdam, the Netherlands on 31 May 2017 at 10.00 hours CET.

Sequa Petroleum N.V. Changes to the Company Supervisory Board

On 10 April 2017, Edwin Eichler resigned as a director of the Supervisory Board of Sequa Petroleum N.V. as part of an adjustment of his multiple directorships and business duties.

The Supervisory and Management Boards wish to thank Edwin for his significant contribution to Sequa Petroleum N.V.

Further announcements will be made in due course regarding additional appointments to the Supervisory Board.

Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com

Sequa Petroleum N.V. commences liquidation of its 100% Norwegian subsidiary (Tellus)

Sequa Petroleum N.V. (the “Company”) today announces that consultation procedures with Tellus Petroleum AS (“Tellus”) employee representatives have concluded and Tellus board and shareholder meetings have resolved to commence the Tellus liquidation process in accordance with the Norwegian Companies Act.

As stated in the Company’s press release of 9 February 2017, the cessation of its business in Norway, now followed by the commencement of liquidation, constitutes under article 10 (g) of the Terms and Conditions of the Bonds a potential default of the Bonds.

The Company expects this potential default, together with the potential default related to the outstanding Q4 2016 Bond coupon as stated in the Company’s press release of 14 November 2016, to be resolved with Sapinda’s support as the Company understands that the required majority of the Bonds is held by Sapinda and affiliates.

While amounts received to date have not matched the timing or quantum requested, the Company currently expects to be able to draw sufficient funds from its convertible loan facilities with Sapinda Invest Sarl and Sapinda Asia Limited to enable it to continue to trade and complete the liquidation of Tellus.

The net funds expected from the repatriation of liquidated assets together with debt restructuring and possibly new equity and/or debt funds will enable the Company to progress selected high quality appropriately sized acquisition targets of production and development assets elsewhere that are value-accretive and provide cash flow.

Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com

Sequa Petroleum N.V. files UK subsidiary 2015 accounts

Sequa Petroleum N.V. (the “Company”) today announces that the 2015 accounts for Sequa Petroleum UK LTD have been filed at Companies House. In the current market environment, the Company considers it prudent to impair all balances associated with the Aksai licence in full.

Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com

Sequa Petroleum N.V. plans to cease its activities in Norway

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@sequa-petroleum.com

Sequa Petroleum N.V. (the “Company”) Update

Further to its press release of 14 November, the Company has to date not received funds to pay the USD $5.11M Bonds coupon following its drawdown requests from the convertible loan facilities totalling USD 62.5M from Sapinda Invest Sarl and Sapinda Asia Limited (“Loans”). The Company has been informed that Sapinda is undertaking a fundraising exercise from which the Company expects funds to enable it to pay the coupon; however, the Company cannot provide certainty at this time.

By way of update on the Loans, since 14 November a further USD 957,600 was provided in three instalments meaning a total of USD 3,590,880 has now been received since 30 June 2016. The amounts received did not match the timing or quantum requested by the Company, and further funds will continue to be required for the Company to have sufficient liquidity to enable it to continue to trade. However, currently the Company expects it will be able to draw sufficient further funds for a period of time whilst the bond potential default is addressed.

To the Company’s knowledge no further action has occurred, or notice been received, regarding 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) issued by the Company in April 2015 (“Bonds”).

The Company will provide further updates when available.

Contacts:
Jacob Broekhuijsen, Chief Executive Officer
+44(0)203-728-4450 or info@sequa-petroleum.com