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
[phone] or [e-mail]

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Source: Sequa Petroleum NV via Globenewswire