Serinus Energy PLC — Capital/Financing Update 2020

Jun 24, 2020

Current Report No. 16/2020Date: 2020-06-24Issuer'strading name: SERINUS ENERGY plc

Title:Deferral of EBRD debt repayment

Legal basis: Other regulations

Content:In view of the requirement of Article 62.8 of the Actof 29 July 2005 on Public Offering [...], considering that the shares ofSERINUS ENERGY plc ("Company") are listed on AIM in the UK, theManagement of the Company informs that it has published outside theRepublic of Poland information that the Company and the European Bank ofReconstruction and Development ("EBRD") have agreed to defer the debtrepayment due on 30 June 2020.

In connection with the current COVID-19 and the short-term effects oneconomic activity generally, the Company had requested that thescheduled repayment of principal due to made by 30 June 2020, under theConvertible Loan Agreement, be deferred. Under the terms of the deferralthe Company will pay US$2.0 million of the debt payment obligation dueon 30 June 2020, with the remaining US$6.44 million of the debtobligation deferred for 12 months. Under the deferral agreement, theCompany will undertake with the EBRD to restructure the terms andconditions of the Convertible Loan Agreement, and of the FinancingAgreements, no later than 18 December 2020.

The Company has also received a formal waiver from the EBRD in relationto the debt service covenant on its Convertible Loan for the periodending 30 June 2020.

The attachment to this current report contains text of the originalpress release in English, which has been filed by the Company in the UKand will also be available on Company's website: www.serinusenergy.com