Bearer Share Option Agreement of 3.730.486 Petrolia SE shares (6.94%)
TIME CRITICAL PETROLEUM RESOURCES AS ("TCPR"), a company 100 % owned by the chairman of Petrolia SE ("PDR"), Berge Gerdt Larsen, has today entered into a Bearer Share Purchase Option Agreement with International Oilfield Services, Inc. ("IOS"), whereby TCPR is given a non-revocable option to purchase all 3.730.486 PDR shares (6.94%) owned by IOS at a strike price of NOK 2.40 per share, and with an option premium of NOK 0.10 per share.
The execution period is six (6) months, expiring on 31st July 2018. The option can be exercised at any time within the execution period. TCPR currently holds 18 PDR shares, however, through indirect non-controlled interests, Mr Larsen holds a significant economic interest in Petrolia SE. Following an eventual exercise of the option, TCPR can vote for a total of 3.730.504 shares (6.94%). Furthermore, following an eventual exercise of the option, IOS will no longer hold any shares in PDR.