News

COMPANY PRESENTATION – MAY 25, 2022

Mime Petroleum AS presented the first quarter 2022 results and a company update to investors, analysts and other stakeholders in a webcast presentation on Wednesday May 25, 2022 at 12:00 CET.

The Investor Update presentation can be downloaded here.

 

For further information, please contact:

Olav Haugland, CFO

M: + 47 915 41 809

E: olav.haugland@mime-petroleum.com

SUCCESSFUL BOND ISSUE

Mime Petroleum AS has completed a private placement of USD 225 million of new five-year senior secured bonds with a coupon rate of 10.25%. The placement met strong investor demand across international markets.

The bond issue is expected to be settled on or about November 10, 2021, subject to customary conditions precedent. An application will be made for the bonds to be listed. Net proceeds from the bond issue will be used to refinance the Company’s outstanding reserve based lending facility (RBL) and the existing NOK 300 million MIME01 PRO bonds (ISIN NO 0010875032) in full, and finance capital expenditures related to the Balder Future redevelopment. The Company will send a call notice for the MIME01 PRO bonds upon settlement of the new bond issue. Further details on the call option exercise will be announced upon settlement of the new bond.

ABG Sundal Collier ASA, DNB Markets, part of DNB Bank ASA, and Pareto Securities AS acted as Joint Lead Managers for the transaction.

For further information, please contact:

Olav Haugland, CFO

M: +47 915 41 809

E: olav.haugland@mime-petroleum.com

CONTEMPLATED REFINANCING AND USD 225M BOND ISSUE

Contemplated refinancing and USD 225m bond issue, October 19 2021

Mime Petroleum AS has engaged ABG Sundal Collier ASA, DNB Markets, part of DNB Bank ASA, and Pareto Securities AS as Joint Lead Managers to arrange a series of fixed income investor meetings commencing on October 20, 2021. Subject to market conditions, a new 5 year senior secured bond issue may follow.

The purpose of the bond issue is to refinance the Company’s outstanding reserve based lending facility and the existing NOK 300 million MIME01 PRO bonds (ISIN NO 0010875032) in full, and finance capital expenditures related to the Balder Future redevelopment. The Company will, subject to a successful placement, exercise the call option for the MIME01 PRO bonds.

For further information, please contact:

Olav Haugland, CFO

M: +47 915 41 809

E: olav.haugland@mime-petroleum.com

COVID-19 RESTRICTIONS IMPACTS BALDER FUTURE SCHEDULE

Based on the latest developments, the previously communicated challenges related to Covid-19 in maintaining scheduled progress remains.

It is expected that the timing of first oil is delayed beyond first half of 2023. Covid-19 has impacted equipment deliveries and available workforce at yard due to closed borders.

Detailed work and assessments to evaluate the impact of the current situation are ongoing, and it is currently not possible to provide a new specific scheduled first oil date or provide further guidance on the expected cost increase.

Based on the sources of capital available to the Company, Mime Petroleum is fully financed till Balder Future project first oil.

For more information, please contact:

Sverre Skogen

Executive Chairman

M: +47 9716 2010

SIGNIFICANT DISCOVERY IN THE NORTH SEA

Mime Petroleum AS is pleased to confirm a discovery of oil and gas in the King and Prince exploration wells in the Balder area in the Southern North Sea.

The combined King and Prince exploration wells proved successful with the latest preliminary estimates showing volumes between 60-135 million barrels of recoverable oil equivalents.

The licensees, Vår Energi AS (90%) and Mime Petroleum AS (10%) consider the discoveries to be commercial and will assess tie-in to the existing infrastructure in the Balder area. Mime will, together with the operator, continue to analyse the subsurface potential in both King and Prince and mature further upsides in both for potential appraisal.

Reference is made to the attached press release from The Norwegian Petroleum Directorate.

For more information, please contact:

Sverre Skogen

Executive Chairman

+47 9716 2010

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