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ShaMaran Announces Interest Payment

Source: www.gulfoilandgas.com 7/2/2020, Location: Middle East

ShaMaran Petroleum Corp. provides the following announcement to stakeholders in connection with the Company’s news release dated July 1, 2020 and regarding the Bondholders of the Company’s 12% senior unsecured bonds due 2023 (ISIN: NO 001082645.6).

ShaMaran is pleased to announce that the July 2020 interest payment has been made to all Bondholders from the Company’s Debt Service Retention Account following a full drawdown of the Liquidity Guarantee issued by Nemesia S.á.r.l. in favor of Nordic Trust as Bond Trustee on behalf of the Bondholders. Following such drawdown, the Liquidity Guarantee has been discharged.

Dr. Adel Chaouch, President and Chief Executive Officer of ShaMaran commented: “With today’s payment to Bondholders of the July 2020 interest payment the efforts of recent weeks to resolve the liquidity shortfall have been successfully completed.”

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