Call for Extraordinary General Meeting of P/F Atlantic Petroleum
14 August 2026
Call for Extraordinary General Meeting of P/F Atlantic Petroleum
This call for an Extraordinary General Meeting (EGM) replaces the call made on 11/12th August, 2026 for an Ekstraordinary General Meeting to be held on the 2nd of September 2026 and the EGM is hereby rescheduled to 8th of September, 2026 as set out below. The reason for this new call of the EGM is that there were inconsistencies between the English and the Faroese version of the former call.
An Extraordinary General Meeting of P/F Atlantic Petroleum is hereby called by P/F Atlantic Petroleum's Board of Directors. The meeting will be held at the premises of Hotel Hafnia, Áarvegur 4-10, 100 Tórshavn, Faroe Islands
on Tuesday the 8th of September, 2026 at 15:00hrs (Faroese Time)
with the following agenda:
1. Election of Chairman of the Meeting.
2. Election of Board of Directors.
At present the Board of Directors consists of the following board members: Mourits Joensen, Chairman of the Board of Directors, Ben Arabo and Mark Højgaard. Mourits Joensen has accepted to be re-nominated thus reelected. Three board members are to be elected.
3. Proposal to change the Articles of Association of the Company to give the Board of Directors a further authorisation to increase the Share Capital by subscription of new Share Capital with pre-emptive rights for the existing shareholders.
It is proposed to amend § 3C in the Articles of Association of the Company and authorise the Board of Directors to increase the share capital:
Ҥ 3C
Sub clause 1.
The Company’s Board of Directors is authorised in the period from 9th September 2026 until 7th September 2031 – in one or several issues – to increase the Company’s share capital with a total of up to nominally DKK 200,000,000 by subscription on new share capital. The increase of the share capital must be made with pre-emptive rights for existing shareholders. The increase of the share capital shall be made by cash payment at a subscription price which may be lower than market value of the shares.
Sub clause 2.
The terms and conditions of the subscription for the new shares shall be determined by the Board of Directors.
For subscription of new share capital based on the authority in this clause the following conditions shall further apply:
1. the new shares must be issued in the same share class as the existing share capital;
2. the new shares shall be registered in the name of the holder and are negotiable instruments;
3. the new shares cannot be paid in part;
4. the shareholders are not obliged to have their shares redeemed in whole or in part;
5. the new shares have a nominal value of DKK 1 and multiples hereof;
6. the new shares shall not be subject to any transferability restrictions.
7. The new shares shall carry the right to dividend as from the date fixed by the Board of Directors, but not later than the first financial year following the capital increase”
4. Proposal to change the Articles of Association of the Company to give the Board of Directors a further authorisation to increase the Share Capital by subscription of new share capital without pre-emptive rights for the existing shareholders.
It is proposed to amend § 3D in the Articles of Association of the Company and authorise the Board of Directors to increase the share capital:
Ҥ 3D
Sub clause 1.
The Company’s Board of Directors is authorised in the period from 9th September 2026 until 7th September 2031 – in one or several issues – to increase the Company’s share capital with a total of up to nominally DKK 200,000,000 by subscription on new share capital. The increase of the share capital will be without pre-emptive rights for existing shareholders. The share capital may be increased by cash payment or in other ways, such as by conversion of debt or by contribution in kind. The share capital shall in any event be increased at a subscription price which is not lower than market value.
Sub clause 2.
The terms and conditions of the subscription for the new shares shall be determined by the Board of Directors.
For subscription of new share capital based on the authority in this clause the following conditions shall further apply:
1. The new shares must be issued in the same share class as the Company’s existing share capital;
2. the new shares shall be registered in the name of the holder and are negotiable instruments;
3. the new shares cannot be paid in part;
4. the shareholders are not obliged to have their shares redeemed - in whole or in part;
5. the new shares have a nominal value of DKK 1 and multiples hereof;
6. the new shares shall not be subject to any transferability restrictions.
7. The new shares shall carry the right to dividend as from the date fixed by the Board of Directors, but not later than the first financial year following the capital increase
5. Proposal to change the Articles of Association of the Company to give the Board of Directors authorisation to issue convertible notes.
It is proposed to insert this new provision as § 3F in the Articles of Association of the Company:
The Company's existing shareholders shall not have pre-emption rights to subscribe for the convertible notes. The loans shall be paid in cash. The terms and conditions for the loans and the convertible notes shall be determined by the Board of Directors.
Ҥ 3F
"Sub-clause 1.
The Company’s Board of Directors is authorised in the period from 9th September 2026 until 1st August 2031 – in one or several issues – to take up loans in the Company against issue of convertible notes giving the right to subscribe for new shares in the Company by up to a total nominal amount of DKK 200,000,000. The Company's existing shareholders shall not have pre-emption rights to grant the loans. The loans shall be paid in cash. The Board of Directors shall determine the terms and conditions of the loans and the convertible notes.
Sub-clause 2.
As a consequence of the conversion of the convertible notes issued in accordance with sub-clause 1 above, the Board of Directors is authorized for the period ending 7th September 2031 to increase the Company's share capital by a nominal value of up to DKK 200,000,000 in one or more portions by resolution of the Board of Directors by conversion of the convertible notes and on such other terms and conditions as laid down by the Board of Directors. The Company's existing shareholders shall not have preemptive rights to subscribe for the shares issued upon conversion of the convertible notes.
Sub-clause 3.
For subscription of new share capital based on authority in this clause the following conditions shall further apply:
1. The new shares issued based on convertible notes shall have the same rights in the Company as the existing share capital;
2. the new shares shall be registered in the name of the holder and are negotiable instruments;
3. the new shares cannot be paid in part;
4. the shareholders are not obliged to have their shares redeemed - in whole or in part;
5. the shares have a nominal value of DKK 1 and multiples hereof;
6. No restrictions shall apply to the transferability of the new shares;
7. The new shares shall carry the right to dividend from the time of conversion of the issued convertible notes.”
6. AOB
- - - 0 - - -
Majority requirements.
Proposal 1 can be approved by a simple majority, and proposal 2 by relative, simple majority. Proposals 3 - 5 can be approved by 2/3 of votes represented and 2/3 of the votes cast at the meeting.
Requisition of admission card, voting paper and the voting procedure.
The shareholder’s right to participate at the General Meeting and to vote according to his/her shares will be according to the number of shares, which the shareholder owns at the register date. The register date is Tuesday, 1st September 2026.
A shareholder, his/her proxy and the press can participate at the General Meeting on the condition that he/she has given notice to the Company hereof at the latest by Friday 4th September 2026 at 23:59 via the website of the Company www.petroleum.fo or at the office of the Company, Lucas Debesargøta 8, 100 Tórshavn, or on telephone no. +(298) 59 16 01 or on the email address markh@petroleum.fo.
If a shareholder cannot participate in the General Meeting he/she can in writing give a proxy to a third person to represent him/her at the meeting. Proxy forms to be used for this purpose are available on the website of the Company www.petroleum.fo and at the office of the Company, Lucas Debesargøta 8, 100 Tórshavn. Shareholders with access to the Investor Portal through the Company’s website can give their proxy instructions via this portal.
The voting – except the voting by letter ballot - will be executed at the General Meeting. The shareholder (or his/her proxy) who has in due time given notice that he/she wishes to attend the Extraordinary General Meeting, will meet at the General Meeting and cast their votes. Admission cards and voting papers will be handed out at General Meeting entrance.
Letter ballot.
The shareholders can vote by letter ballot – that is cast their votes in writing prior to the day of the Extraordinary General Meeting. On the Company’s website www.petroleum.fo shareholders can download a letter ballot form. Letter ballot must be received at the Company’s premises, Lucas Debesargøta 8, 100 Tórshavn or on the email address markh@petroleum.fo at the latest Monday 7th September 2026.
The shareholder’s right to bring forward questions.
Shareholders can, prior to the General Meeting, bring forward to the Board/Management of the Company questions regarding matters that have relevance to the Company’s general position or are regarding the decisions that are to be made at the General Meeting. If a shareholder wishes to use this right he/she can send his question in a letter to P/F Atlantic Petroleum, Lucas Debesargøta 8, 100 Tórshavn, or to the email address markh@petroleum.fo.
At the General Meeting shareholders can also bring forward questions to the Board/Management of the Company regarding the mentioned matters.
Documents for the General Meeting and agenda with the complete proposals.
Documents relevant for the Extraordinary General Meeting, including (1) agenda, (2) complete proposals for the Extraordinary General Meeting (3) information on the Company’s total number of shares and votes at the day of the summons and (4) proxy documents and letter ballot form are available at the Company’s office at the address, Lucas Debesargøta 8, 100 Tórshavn (tel no. + (298) 59 16 01) at the latest 3 weeks prior to the General Meeting. The mentioned documents will also be available on the Company’s website www.petroleum.fo.
Share capital, voting rights and financial institute holding accounts on behalf of the Company.
The share capital of the Company is DKK 3,697,860 divided into shares of DKK 1,- or multiples hereof. According to § 5 sub clause 1 of the Articles of Association of the Company, each shareholder has one vote for each DKK 1,- they hold in share capital.
Number of shares is: 3,697,860 and number of votes is: 3,697,860.
The Company has appointed P/F Betri Banki as holder of accounts. Shareholders can contact this financial institute at Yviri við Strond 2, 100 Tórshavn or on the website www.betri.fo or on telephone no. +298 348 000 to exercise their financial rights in the Company.
Tórshavn, on the 14 August 2026
P/f Atlantic Petroleum
The Board of Directors