Reference is made to the Petrolia NOCO AS AGM on the 28th of August 2020, which granted the Board of Directors an authorisation to issue new shares. The Board has today allocated 11,812,928 (10%) new shares in a private placement directed towards the 20 largest shareholders (representing 98.6% of total shares) and existing lenders. The subscription price was set to NOK 3.50. New total number of shares is 133,300,000. The placement follows the successful discovery in the Dugong well in license PL882 ahead of anticipated appraisal drilling.
Should other existing shareholders want to keep their ownership at the same percentage as prior to the private placement, the largest shareholders have expressed willingness to sell shares at the same price.
Subscriptions by primary insiders – all of which were pro rata
Petrolia AS, a 100% subsidiary of Petrolia SE, was allocated 5,894,651 shares and thus increases its holding pro-rata to 48,484,331 shares. Mr Sjur Storaas is a Director both in Petrolia NOCO AS and in Petrolia SE.
Serious AS was allocated 19,222 shares and thus increases its holding to 216,906 shares. Mr Sølve Nilsen is Chair of Serious AS and CFO of Petrolia NOCO AS.
Increased Oil Recovery AS was allocated 1,430,682 shares and thus increases its holding to 16,144,165 shares. Larsen Oil & Gas AS was allocated 490,737 shares and thus increases its holding pro-rata to 5,537,595 shares. Time Critical Petroleum Resources AS was allocated 483,980 shares and thus increases its holding pro-rata to 5,461,346 shares. Mr Berge Gerdt Larsen is Chair of these three companies and is Chair of Petrolia SE. He is also 100% owner of Time Critical Petroleum Resources AS.
Mr Brede Bjøvad Larsen is a Director in Petrolia NOCO AS and is a majority shareholder of Increased Oil Recovery AS and Larsen Oil & Gas AS.
Contact: Sølve Nilsen, CFO, solve.nilsen@petrolia.eu