Reference is made to the announcements 22 November, 8
December and 15 December 2016 regarding a proposed
transaction whereby 75% of the Bond Loan is converted to new
shares. The conversion is expected to take place on 23
January 2017. The price per share is USD 0.50.
Currently there are 27,235,867 PDR-shares. Through the
conversion it is expected to issue 26,522,121 new shares,
bringing the total up to 53,757,988. The new shares have a
1-year lock-up clause.
TOT Drilling Ltd does not currently own any PDR-shares.
After the conversion the company expects to own 3,709,889
(6.9%) of the shares.
International Oilfield Services, Inc. does not currently own
any PDR-shares. After the conversion the company expects to
own 3,731,072 (6.9%) of the shares.
Increased Oil Recovery AS currently owns 39,169 PDR-shares.
After the conversion the company expects to own 3,446,625
(6.4%) of the shares.
Larsen Oil & Gas AS currently owns 6,269,447 (23.0%) PDR-
shares. After the conversion the company expects to own
9,932,461 (18.5%) of the shares and thus fall under the 20%
notification threshold. The company is a 100% owned
subsidiary of Increased Oil Recovery AS. Together the two
companies currently own 6,308,616 (23.2%) and expect to own
13,379,085 (24.9%) after the conversion.
Independent Oil & Resources Plc currently owns 13,381,639
(49.1%) PDR-shares. After the conversion the company expects
to own 24,713,206 (46.0%) of the shares.
PETROLIA SE 
