Fixed income investor calls

Reference is made to the announcement released by Tulip Oil Netherlands Offshore
B.V. (the "Company") on 12 March 2021 regarding the contemplated sale by Tulip
Oil Holding B.V. of its subsidiary Tulip Oil Netherlands B.V. to Kistos plc (the
"Sale"). In connection with the Sale, ABG Sundal Collier and Pareto Securities
have been mandated to arrange a series of fixed income investor calls for the
Company commencing 19 April 2021. A EUR 90 million denominated senior secured
bond issue with a 3.5-year tenor (the "EUR 90 Million Bond Issue") may follow,
subject to inter alia market conditions. The purpose of the EUR 90 Million Bond
Issue will be to finance a mandatory prepayment of the Company's outstanding EUR
87 million bond (TONO01) with maturity 25 October 2022 upon completion of the
Sale. 

In addition to the EUR 90 Million Bond Issue, the Company is contemplating to
issue a EUR 60 million denominated senior secured bond issue with a 5-year tenor
(the "EUR 60 Million Bond Issue"). The EUR 60 Million Bond Issue will be issued
as payment in kind to Tulip Oil Holding B.V. as part of the consideration for
the Sale to Kistos plc. Both the EUR 90 Million Bond Issue and the EUR 60
Million Bond Issue will be guaranteed by Kistos plc.

Notes to the Editor:

Tulip Oil Netherlands Offshore B.V. is a subsidiary of Tulip Oil Holding B.V., a
privately-held exploration and production operator based in The Hague. The
Company operates assets in both the Netherlands and in Germany and is owned by
funds advised by GNRI, management and staff.


Contact Details:
Email: info@tulipoil.com 
Telephone: + 31707470300 

Forward-looking Statements 
 
Certain statements included in this announcement contain forward-looking
information. By their nature, forward-looking statements involve uncertainty
because they depend on future circumstances, and relate to events, not all of
which are within Tulip Oil's control or can be predicted by Tulip Oil. Although
Tulip Oil believes that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such expectations will
prove to have been correct. Actual results could differ materially from those
set out in the forward-looking statements. Any forward-looking statements made
herein by or on behalf of Tulip Oil speak only as of the date they are made and
Tulip Oil expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statements contained in this
announcement to reflect any changes in its expectations with regard thereto or
any changes in events, conditions or circumstances on which any such statement
is based.

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