Sequa Petroleum N.V. Extraordinary General Meeting 21 August 2025 – Results

Sequa Petroleum N.V. (“The Company”) announces that at its Extraordinary General Meeting of Shareholders held on 21 August 2025, all proposals on the agenda (issued on 15 July 2025) were unanimously passed, including under agenda item 3 the proposal to dissolve the Company and its subsidiary.  Attending shareholders represented 64.98% of the issued share capital of the Company.

Contacts
info@sequa-petroleum.com

Further to its announcement of 19 May 2025, Sequa Petroleum N.V. (the “Company”) has continued to monitor the situation and has not received any indication that progress towards completion of the Transaction will restart. Despite extensive efforts the Company has not been able to raise new equity capital, and without completion of the Transaction the Company will not be able to maintain a going concern nor pursue its business development strategy. Accordingly, the Company has started to reduce its remaining financial liabilities as required to pursue closure of the Company in compliance with statutory provisions for dissolution of the Company and its subsidiaries, and in a solvent manner. The Company is preparing for an extraordinary general meeting of shareholders to be held in the near term to resolve on the dissolution process.

Contacts
info@sequa-petroleum.com

19.05.25  Update on the planned acquisition of 10% of Block 15/06 in Angola

Further to Sequa Petroleum N.V.’s (the “Company”) announcements of 28 April 2022 and 24 October 2024, progress towards completion of the acquisition by Namcor E&P of participating interests in Block 15/06, Block 23 and Block 27 from Sonangol P&P (the “Transaction) has stopped (for reasons unrelated to Sungara or the Company). If the Transaction does not complete, Sungara’s (including the Company’s) economic interest in the Transaction would become null and void. Sungara has refunded the Company’s Transaction contribution (minus costs and expenditures) as a result of which the Company received USD 6.6 million.

The Company continues to monitor the situation and is preparing for an AGM in the near term.

Contacts
info@sequa-petroleum.com

Update on the acquisition of 10% of Block 15/06 in Angola

Further to its announcement of 28 April 2022, Sequa Petroleum N.V. (“SPNV”) is pleased to confirm that the Government of Angola has approved the acquisition by NAMCOR E&P of participating interests in Block 15/06 (10%), Block 23 (40%, with operatorship), and Block 27 (35%) (the “Transaction”). Block 15/06 is one of the most prolific licences in deep-water offshore Angola with current oil production circa 100,000 bbl per day, forecasted to increase beyond 200,000 barrels per day within 2 years through an ongoing development programme.

An independent review in 2022 of Block 15/06, using SPE PRMS guidelines for classification of reserves and resources, estimated the remaining recoverable volume of the 10% interest at ca. 55 million barrels of oil from the effective date of the Transaction (April 2022). In 2024 the independent review was updated, increasing the estimated remaining recoverable volume of the 10% interest to ca. 72 million barrels of oil from January 2024 (ca. 78 million barrels from the effective date).

The Transaction was entered into in April 2022 by Sungara Energies Limited (“Sungara”), at the time jointly owned by three partners: the National Petroleum Corporation of Namibia’s subsidiary NAMCOR Exploration and Production (Proprietary) Limited (“NAMCOR E&P”), Petrolog Energies Limited (“Petrolog”), and SPNV’s wholly owned subsidiary Sequa Petroleum UK Limited (“Sequa”).

Angola’s Government approval was preceded by restructuring of the Transaction as a transaction between the national oil companies of Angola and Namibia. Sungara novated the Transaction to NAMCOR E&P on the basis of an agreement including the allocation of the economic interest in the Transaction to the partners, and the rights and obligations of the legal owner as well as the economic interest owners.

On the basis of financial contributions to Sungara, as well as NAMCOR E&P (being the legal owner) carrying liabilities under the license agreements of the Blocks, the allocation of economic interests to the partners was adjusted, resulting in Sequa having a 25% economic interest in the Transaction.

Based on operator’s information and the independent review of Block 15/06, SPNV’s estimate of the break-even oil price is ca. USD 32 per barrel. Assuming an oil price of USD 70 per barrel and taking into account all other costs (including acquisition price, cost of debt, government take, and SPNV’s operating costs), SPNV’s net economic interest in relation to its 25% of the acquired recoverable volume of the Transaction is estimated at ca. USD 10 per barrel.

The Transaction is planned to be funded through a combination of equity contributions from the partners, and third-party debt. Completion of the Transaction is currently planned around the end of the year.

Cautionary notice

This press release may contain information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This communication may contain forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. Words such as possibly and expected or other similar words or expressions are typically used to identify forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that are difficult to predict and that may cause actual results of SPNV to differ materially from future results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, risks relating to SPNV’s ability to engage a depositary and a listing agent, generate positive cash flows, general economic conditions, turbulences in the global credit markets and the economy, geopolitical events and other factors discussed in SPNV’s public filings and other disclosures. Forward-looking statements reflect the current views of SPNV’s management and assumptions based on information currently available to SPNV’s management. Forward-looking statements speak only as of the date they are made, and SPNV does not assume any obligation to update such statements, except as required by law.

Contacts
Jacob Broekhuijsen

Chief Executive Officer Sequa Petroleum N.V.
info@sequa-petroleum.com

Sequa Petroleum N.V. Annual General Meeting Results 17 June 2022

Sequa Petroleum N.V. (“The Company”) confirms that at its virtual Annual General Meeting of Shareholders held on 17 June 2022, all resolutions on the agenda (issued on 12 May 2022) were passed.  Attending shareholders represented 75.4% of the issued share capital of the Company.

Contacts:
Jacob Broekhuijsen

Chief Executive Officer Sequa Petroleum N.V.
info@sequa-petroleum.com

Sequa Petroleum N.V. and partners have reached an agreement to acquire 10% of Block 15/06 in Angola from Sonangol P&P through Sungara Energies Limited, a new African entity

Sequa Petroleum N.V. (“SPNV”) is pleased to announce that Sungara Energies Limited (“Sungara”) has entered into an agreement with Sonangol Pesquisa E Produção, S.A. (“Sonangol P&P”) to purchase a 10% participating interest in Block 15/06, 40% participating interest in Block 23 (with operatorship), and 35% participating interest in Block 27 (the “Transaction”). Sungara is jointly owned by three partners: the National Petroleum Corporation of Namibia’s subsidiary NAMCOR Exploration and Production (Proprietary) Limited (“Namcor”), Petrolog Energies Limited (“Petrolog”, a company affiliated with African multinational Petrolog Group), and SPNV’s subsidiary Sequa Petroleum UK Limited (“Sequa”).

Sungara is a new entity with a focus on Sub-Saharan African upstream oil and gas, combining world-class technical expertise with local capability and commitment, able to operate and develop oil and gas assets throughout the region in line with the highest standards of integrity, quality, governance and responsibility. Concurrent with the Transaction, NAMCOR, Petrolog and Sequa have signed a shareholder agreement relating to their interests in Sungara, with equal terms and shareholdings in Sungara for each partner. A general meeting of shareholders of SPNV will be convened to approve its entering into the Sungara partnership.

The Block 15/06 Joint Venture comprises Eni (operator, 36.84%), Sonangol P&P (36.84%) and SSI Fifteen Limited (26.32%). Block 15/06 is one of the most prolific blocks in deepwater offshore Angola with current oil production of more than 100,000 barrels per day through two large floating production and storage facilities. Following successful exploration and appraisal in the past several years, an ongoing development programme is forecasted to increase production in the medium term beyond 150,000 barrels per day. The block has further upside potential which may materialise following future exploration, appraisal and development activity.

Sungara’s 10% participating interest in Block 15/06 provides it with current production of more than 10,000 barrels of oil per day, forecasted to grow beyond 15,000 barrels per day in the medium term, 75 million barrels reserves and resources, and further upside potential. Offshore exploration Blocks 23 and 27 also provide upside value. The consideration for the Transaction is ca. USD 500 million which includes a contingent payment of up to USD 50 million. The Transaction is planned to be funded by Sungara through a combination of equity contributions from each of the Sungara partners and third party debt. The economic effective date of the Transaction is April 2022 and completion, subject to customary conditions and approvals, is planned to occur in 2022.

Cautionary notice

This press release may contain information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This communication may contain forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. Words such as possibly and expected or other similar words or expressions are typically used to identify forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that are difficult to predict and that may cause actual results of SPNV to differ materially from future results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, risks relating to the SPNV’s ability to engage a depositary and a listing agent, generate positive cash flows, general economic conditions, turbulences in the global credit markets and the economy, geopolitical events and other factors discussed in SPNV’s public filings and other disclosures. Forward-looking statements reflect the current views of the SPNV’s management and assumptions based on information currently available to SPNV’s management. Forward-looking statements speak only as of the date they are made, and the SPNV does not assume any obligation to update such statements, except as required by law.

Contacts
Jacob Broekhuijsen

Chief Executive Officer Sequa Petroleum N.V.
info@sequa-petroleum.com

Consortium of NAMCOR, Petrolog and Sequa Petroleum selected by Sonangol E.P. as preferred bidder for certain production and exploration blocks in Angola

Sequa Petroleum N.V. (“Sequa”) is pleased to confirm that Sonangol E.P., following their public tender for the partial sale of their participating interests in several blocks of their portfolio, has selected the consortium of NAMCOR (the National Petroleum Corporation of Namibia), Petrolog (an African multinational) and Sequa as having presented the best proposals for production Block 15/06 (10% non-operated working interest), exploration Block 23 (40% working interest, operator) and exploration Block 27 (35% non-operated working interest).  There is no certainty as to whether or when agreement will be reached, and further announcements will be made as and when appropriate.

Contacts
Jacob Broekhuijsen

Chief Executive Officer Sequa Petroleum N.V.
info@sequa-petroleum.com