Seven Energy updates Re Capital restructuring and directors’ appointments

Seven Energy Finance Limited has announced the terms of the Group’s capital restructuring and, in particular, the entry into a lock-up agreement (the “Lock-up Agreement”) by inter alia (1) Seven Energy; (2) the Company; (3) Savannah Petroleum PLC (“Savannah”); and (4) certain of the Group’s lenders including an ad hoc group of holders (the “AHG”) of the 10.25% Senior Secured Notes (REG. S ISIN: XS1093755194; 144A ISIN: XS1093754387) issued by the Company (the “SSNs”) who, on 15 November 2017, held in aggregate approximately 40% of the total principal amount of the SSNs. The Group today announces that holders of c. 90% of the total principal amount of the SSNs have acceded to the Lock-up Agreement.
In addition, in order to guide the Group in evaluating and implementing its restructuring, there have been the following changes to Seven Energy’s board of directors (the “Board”): (1) Michael Lynch-Bell has replaced Atul Gupta as chair of the Board; (2) Chris Thomas, the Group’s Chief Financial Officer, Ian Brown Peterside, the Managing Director of the Group’s Midstream business unit and Bassey Umoh, the Managing Director of the Group’s Upstream business unit have been appointed to the Board as executive directors; (3) Daniel Svanstrom has been appointed as independent non-executive director; and (4) Atul Gupta, David Duggins, Oluseyi Bickersteth, Osam Iyahen and Cyril Odu have stepped down from the board.