Seven Energy is a leading Nigerian integrated gas company

Liquidity Update

News and announcements

15 May 2017

Liquidity Update

London, Lagos, 15 May 2017: Seven Energy International Limited, the leading integrated gas company in south east Nigeria, with upstream oil and gas interests in the region, and its wholly-owned subsidiaries, including Seven Energy Finance Limited (the "Issuer") and Accugas Limited (together "Seven Energy" or the "Group") today provide a liquidity update.

Further to Seven Energy's announcement on 10 April 2017, the Issuer did not pay the interest due on the $300,000,000 10 ¼ % senior secured notes due 2021 (REG. S ISIN: XS1093755194 / 144A ISIN: XS1093754387) (the "SSNs") and the US$100,000,000 10 ½% notes due 2021 (ISIN USG80688AC17) (the "10 ½% Notes") when due on 11 April 2017 and did not satisfy the conditions to pay PIK interest. The 30 day grace period for payment of interest under the SSNs and the 10 ½% Notes expired on 11 May 2017 which represents an Event of Default under the terms of the SSNs and the 10 ½% Notes.

The Group, who are being advised by Ernst & Young, continue in constructive discussions with potential investors and lenders with a view to achieving a comprehensive capital restructuring. While these broader restructuring and strategic options are being considered, the Group is in parallel discussions with all of its financial creditors, including an ad hoc group of holders of the SSNs (who are being advised by Moelis & Company and White & Case) (the "Ad Hoc Group"), with a view to obtaining agreements to standstill on debt service obligations and waive any defaults arising under the various finance agreements. The Ad Hoc Group have indicated that they currently do not intend to take any action to accelerate or join in any request for acceleration of the SSNs as a result of the Event of Default under the terms of the SSNs.

For further enquiries, please contact:

Seven Energy International Limited
Manish Maheshwari, Chief Executive Officer
Chris Thomas, Chief Financial Officer
Joe Kaye, Group Head, Finance
Patricia Akinlotan, Senior Manager, Shared Business Support

+234 1277 0600
+44 207 518 3850
+44 207 518 3850
+234 1277 0600

Moelis & Company
Charles Noel-Johnson

+44 207 634 3500

White & Case
Christian Pilkington

+44 207 532 1000

Caritas Communications
Okwudili Oniya

+234 809 996 1007

About Seven Energy
Seven Energy, founded in 2004, is the leading integrated gas company in south east Nigeria, with upstream oil and gas interests in the region. With a deep understanding of the domestic Nigerian gas market, supplying gas to the power generation and manufacturing industries, principally through its own integrated processing and pipeline infrastructure, and the backing of strategic long-term investors, the Group has a unique focus on the emerging Nigerian domestic gas market. The Group's midstream gas infrastructure assets, focused in the south east Niger Delta, include the 200 MMcfpd Uquo gas processing facility and a gas pipeline network of 260 km with distribution capacity of 600 MMcfpd. Its upstream assets include licence interests in the Uquo Field and the Stubb Creek Field (south east Niger Delta), an indirect interest in OMLs 4, 38 & 41 through a Strategic Alliance Agreement with Nigerian Petroleum Development Company (north west Niger Delta) and licence interests in OPLs 905, 907 and 917 (Anambra Basin). The Group has its main offices located in Lagos and London.

Seven Energy Finance Limited is a wholly owned subsidiary of Seven Energy International Limited incorporated in the British Virgin Islands. The Company is the issuer of US$300 million 10.25% Senior Secured Loan Notes due 2021 and the US$100 million 10.50% Senior Secured Notes due 2021, both of which are listed on the Irish Stock Exchange.

For more information on Seven Energy please visit