Sequa Petroleum N.V. EGM 14th December 2015 and Ivar Aasen Acquisition Update (y 2)

1.6 In addition to the delegation granted to the Management Board on 31 March 2014 (which expires on 31 March 2016) and on 24 August 2015 (which expires on 24 August 2017) and in order to meet its financing needs, it is proposed to the General Meeting to designate the Management Board of the Company as the competent body to resolve to the issuance of a maximum of 250,000,000 shares in the capital of the Company on a fully diluted basis at the time of issuance for a period of two years. The Management Board resolution to issue shares in the Company requires the approval of the Supervisory Board.

1.7 The existing delegations mentioned above will continue to exist and be in full force and effect.

1.8 The designation of the Management Board as the competent body to resolve to the issuance of the maximum of 250,000,000 shares in the capital of the Company contemplates flexibility with regard to the completion of the transactions set out in 1.1 - 1.4 above.

1.9 It is envisaged that the shares to be issued in the capital of the Company will be listed on the Marche Libre of Euronext Paris.

Explanation to agenda item 3 

2.1 In accordance with article 6.6 of the Articles and section 96a paragraph 6 of the Dutch Civil Code, it is proposed to the General Meeting to designate the Management Board of the Company as the competent body to resolve to restrict or to exclude the pre-emptive rights of existing shareholders of the Company in respect of the issuance of (up to) 250,000,000 shares in the capital of the Company, for a period of 2 years as of the day of the EGM.

2.2 The Management Board resolution to restrict or exclude the pre-emptive rights requires the approval of the Supervisory Board.

Ivar Aasen Acquisition Update     

Sequa Petroleum N.V. strengthens its interest in the Ivar Aasen field, acquiring OMV's stake through its Norwegian subsidiary Tellus Petroleum  

Sequa Petroleum N.V. is pleased to announce that its subsidiary Tellus Petroleum AS has entered into an agreement with OMV (Norge) AS to purchase its 0.554% interest in the Ivar Aasen field. The effective date of the transaction is 1st January 2015 and the transaction is subject to consent by the Norwegian Authorities. The transaction is planned for completion (closing) at the end of 2015, contemporaneously with the completion of the Wintershall portfolio transaction, as announced on 18th June 2015.

In the transaction, it is agreed that Tellus will pay a purchase price upto NOK 45 million. The field is operated by Det Norske (34.8%), with proven and probable (2P) reserves of some 1 million boe net to Tellus as per the official Norwegian Petroleum Directorate ("NPD") data. Production is expected to start in December 2016 ramping up to a plateau of some 280 bopd net to Tellus.

This transaction is a positive addition to the portfolio purchase agreement with Wintershall, announced in June, increasing Tellus Petroleum's interest in the Ivar Aasen field to 7.0%. The deal continues to build the company's portfolio, delivering Sequa and Tellus' strategy of rapid growth through acquiring high quality material assets that are in production or being moved through development into production.

About Ivar Aasen 

The Ivar Aasen oil field is located in the northern part of the North Sea, northwest of the Johan Sverdrup field. The partners are Det norske (operator 34.8%), Statoil (41.5%), Bayerngas (12.3%), Wintershall (6.5%), VNG Norge (3.0%), Lundin (1.4%) and OMV (0.55%). Ivar Aasen will be developed with a 4 legged Steel Jacket platform and topside facilities include 1st stage separation, produced water treatment, water injection system, living quarter and utility and safety systems. Power and gas lift will be provided by the neighbouring Lundin operated Edvard Grieg platform. A total of 7 producers and 6 injectors (all platform wells) are planned and oil and gas will be exported to the Edvard Grieg platform via pipeline and further onwards to the Grane Oil Pipeline (to the Sture terminal) and gas via the SAGE system to the UK. Peak production is estimated at 65,000 boe per day and gross reserves are 189 million boe according to NPD.

Contacts: 

Jacob Broekhuijsen - CEO 

Carol Frost - Director HR and Communication 

+44(0)203-728-4450 

info@sequa-petroleum.com 

Sequa Petroleum N.V., Registered at the Dutch Chamber of Commerce No. 58633618 with a Corporate Seat in Amsterdam.UK Company No. FC031530, UK Establishment No. BR016598