Mr. Martin Arch reports

PETROMAROC ANNOUNCES SECURED DEBENTURE MATURITY EXTENSION AND UNSECURED LOAN MATURITY EXTENSION

PetroMaroc Corp. PLC has executed an amending agreement with its secured debentureholders, to extend the maturity date of the $11.09-million principal amount of secured debentures from Sept. 30, 2016, to Dec. 31, 2016. The total amount of the principal ($11.09-million) and an aggregate amount of accrued interest/waiver fees ($3.85-million) due and payable at Sept. 30, 2016 (total of $14.94-million) shall accrue interest at the rate of 15 per cent per year for the period commencing from Sept. 30, 2016, until the maturity date and is calculated to be $550,000. Thus, the total amount due and payable on the maturity date shall total $15.49-million.

Also, the holder of the $400,000 principal amount unsecured loan has agreed to extend the maturity date of the loan to Dec. 31, 2016. The interest rate for the extension period of May 1, 2016, to Dec. 31, 2016, will be calculated at the rate of 15 per cent per year. The total amount due and payable on maturity at Dec. 31, 2016, shall total $480,000. For terms of the loan, please refer to the company's news release dated June 5, 2015, available on SEDAR under the company's profile.