PetroMaroc Corporation plc

Q4 and Year End 2014 Results Published - Seite 2

PetroMaroc is required to make quarterly interest payments on the Debentures on each of March 31, June 30, September 30 and December 31 until April 10, 2016. The Company has 30 days within which to pay the interest under the Debentures before triggering an event of default. Failure to pay the interest within this time period would allow the Debenture holders to declare the Cdn$9.7 million principal amount and all accrued interest on the Debentures immediately due and payable and to begin proceedings to realize upon the security held in connection with the Debentures.

In addition, the Company has been in discussions with its Sidi Moktar creditors to defer payment of the remaining unpaid costs in respect to the Sidi Moktar drilling campaign. The deferral is a necessary measure required to pursue the Company's efforts to secure additional funding, to honour PetroMaroc's financial obligations and to advance Sidi Moktar.

PetroMaroc today filed its annual financial statements for the year ended December 31, 2014, together with its Management's Discussion and Analysis in respect of the Company's financial results for the year ended December 31, 2014. These documents are available on the PetroMaroc website at www.petromaroc.co or under the Company profile on SEDAR at www.sedar.com.

Highlights

Financial:

• Cash position as at December 31, 2014, of US$1.4 million (US$12.7 million as at December 31, 2013; US$4.5 million as at September 30, 2014).
• Working capital surplus as at December 31, 2014, of US$0.9 million [includes US$3.1 million restricted cash] (US$3.9 million working capital surplus as at December 31, 2013; US$0.1 million working capital deficit as at September 30, 2014).
• PetroMaroc completed the Debenture financing of Cdn $9.7 million in April 2014.
• The Company closed a private placement in November 2014, raising gross proceeds of Cdn $3 million.
• Subsequent to the year-end, the Company entered into a Debenture amending agreement (the "Debenture Amending Agreement") with the holders of the Debentures to amend the terms of the Debentures in respect to the Q4 2014 interest payment (the "Q4 2014 Interest Payment"), pursuant to which, the Company issued an aggregate of 4,074,887 common shares of the Company (the "Common Shares") at a price of Cdn $0.06 per Common Share in satisfaction of making a cash payment in the amount of Cdn $244,493, which was due and payable on December 31, 2014. In addition, in consideration of entering into the Debenture Amending Agreement, the Company paid the holders of the Debentures a cash fee in the amount of Cdn $24,449, representing 10 percent of the Q4 2014 Interest Payment.
• Subsequent to the year-end, PetroMaroc commenced discussions with the holders of the Debentures to amend the terms of the Debentures, in respect to the Q1 2015 interest payment (the "Q1 2015 Interest Payment"), which discussions are ongoing.
• Subsequent to the year-end, the Company has continued in its effort to secure immediate capital for monthly ongoing costs.

Operations: