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Bulgargeomin‘ s opinion on the matter, related to the monetary receivables due by the State of Libyan in favor of the company and MT BADR , which were provided as a collateral for securing those receivables under first preferred ship mortgage contract:

Pursuant to a contract dated at 2013, and duly signed by and between Hristina Ivanova Stamova, liquidator of the state owned Bulgargeoin EAD (first party) and “Bulgargeomin Ltd” DZZD (second party), all assets, movable and immovable property rights, trademark and know-how of Bulgargeoin EAD has been transferred to and became the rightful property of “Bulgargeomin Ltd” DZZD, Reg. № 176482778. See Appendix 1

According to the aforementioned contract, “Bulgargeomin Ltd” DZZD has become the rightful successor and owner, not only of all assets, movable and immovable property rights, trademark and know-how of Bulgargeoin EAD, but also over all monetary receivables from third parties in favor of Bulgargeoin EAD, including monetary receivables owed by State of Libya in favor of Bulgargeoin EAD, namely: - 4 015 952 Libyan dinars representing uncontested monetary receivables; and
- 423 386 Libyan dinars, which are uncontested receivable approved by protocols by intergovernmental committees of Bulgaria and Libya; and
- 1,785,369 Libyan Dinars, representing indemnification awarded to Bulgargeomin EAD on claim No 729/1992. See Attachment 2

With regard to the third claim (1,785,369 Libyan dinars), the General People's Committee on Justice and Public Security, the "Judicial Administration", on 17 February 2004, informed the parties that the case has come to its end, with the Supreme Court ruling that Libya should pay to Bulgargeomin EAD the sum of 1 138 942 Libyan dinars, together with the statutory interest rate of 5% per annum until the full repayment of the sum. See Appendix 3

On April 1, 1995, the Court of First Instance in Tripoli, chairman Salim Farris, ruled on Case No 729/1992, ordering Libya to pay the sum of 1,132,942 Libyan dinars, together with the statutory interest rate of 5% per annum until full repayment of the obligations in favor of Bulgargeomin EAD. The decision was confirmed by the last instance - the Supreme Court, as shown in Appendix 3. Additionally we apply a court decision. See Appendix 4

As evidenced from a notification sent to the Ministry of Finance of Libya by the liquidator of Bulgargeomin EAD, Hristina Ivanova Stamova, duly certified by the Ministry of Foreign Affairs and International Cooperation of Libya, dated 27.08.2013, the Libyan state was duly notified, that on 16.05.2013, in accordance with order dated at 11.04.2013 of the Sofia City Court, that a sale and purchase contract has been signed by and between Bulgargeomin EAD and “Bulgargeomin Ltd” DZZD, legitimizing “Bulgargeomin Ltd” DZZD as the legal successor over all rights and assets owned by Bulgargeomin EAD at the moment of entry into the contract. See Appendix 5

From the above facts, certified documents and court rulings it is evidenced that “Bulgargeomin Ltd“ DZZD is the legitimate successor of all rights and assets of Bulgargeomin EAD, including the monetary receivables due by the State of Libyan in favor of Bulgargeomin EAD.

It should be noted that in 2003 Bulgargeomin EAD was brutally expelled from Libya by decision №208 of the General People's Committee of Economy, which annulled and canceled its brunch in Libya. By doing so, the Libyan authorities deprived Bulgargeomin EAD of its ability to defend itself in legal and judicial manner on the territory of the Libya.

Verification, conducted in the Maltese Company Registry shows that in Article 7 of the Memorandume of Association of LIBYAN NAVIGATOR Limited Reg. № C45516, with director, legal and judicial representative Ahmed Khalid Tawati has the right to enter into mortgage contracts. At the time of signing the Mortgage Contract, Ahmed Khalid Tawati, who concluded the contract in front Greek notary, Ioanna Andreadaki, is the director of LIBYAN NAVIGATOR.

We are dumbfounded by and even perplexed of the media quoting of Ioanna Andreadaki, a Greek notary public, reflecting the case in a tendentious manner and referring to false interpretations of Libyan side.

Against the words of Mrs. Ioanna Andreadaki, we have documentary evidence, including a receipt of the paid fees for apostille certification by the relevant Greek competent authorities.

It is important to note that apostille certification is placed, approving the seal of the notary and is the ultimate legitimacy of the document. Also, we enclose the opinion of Greek First Instance Court in Athens, which clearly shows that no lawsuits were filed against “Bulgargeomin Ltd” DZZD, till date. See Appendix 5.1

With the frivolous behavior of the Libyan authorities and the non-fulfillment of their monetary commitments for more than 28 years (the debt in favor of enterprise Bulgargeoin EAD has been pending since 1989!), Bulgargeomin EAD suffered huge financial, moral and personnel damages.

After all the attempts of "Bulgargeomin Ltd" DZZD to collect the monetary receivables, a settlement was reached, but only on some part of those receivables. MT BADR was provided as a security, under mortgage contract between the Libyan state owned company and "Bulgargeomin LTD" DZZD. It was intended to secure a part of the monetary receivables due by the State of Libya in favor of "Bulgargeomin LTD" DZZD.

According to the mortgage contract (see appendix 6), which once again was not fulfilled by the Libyan side, "Bulgargeomin Ltd" DZZD filed a maritime claim in the Burgas court for the detention of MT BADR as a form of security against that part of liabilities, which were secured by the mortgage contract.

New Libyan maneuvers followed to evade the fulfillment of their obligations, and misleading Bulgarian and Libyan judicial and administrative authorities.

Subsequently, and strictly abiding the laws in force, an official public auction was launched in order to sale MT BADR, which were announced by the private enforcement bailiff Totko Kolev.

After a period of one-month from the auction, the only offer was submitted by the creditor "Bulgargeomin LTD" DZZD. When the offers were opened, representatives from both the (Libyan side) debtor and the creditor ("Bulgargeomin LTD" DZZD), were present. In their presence, MT BADR was awarded to "Bulgargeomin LTD" DZZD.

As a legitimate owner of MT BADR by virtue of award of ownership certificate (WRITE OF OWNERSHIP) on movable property (MT BADR) dated at 30.08.2018, entered into full legal force on September 15, 2018, and not subject to appeal, "Bulgargeomin Ltd" DZZD carried on by changing the flag and register it as the new legitimate owner. See Appendix 7.

On 13 December 2018, the Panamanian Maritime Authority issued a provisional registration certificate for MT BADR with a registered new owner "Bulgargeomin Ltd" DZZD, and a new name BDIN. See Appendix 8.1 See Appendix 8.2

Accordingly, necessary measures and actions on replacing the crew members were taken. On 21.12.2018, and in the presence of representatives of Bulgarian Border Police and Maritime Administration - Bourgas, the ex-crew was voluntarily replaced, having been compensated for a total amount of BGN 33 252.

Each of the old crew members handwritten, confirmed the receiving of the amount of his indemnity.

The 30-year-long saga of the Libyan debt to "Bulgargeomin LTD" DZZD has reached to its end, and legally resolved. We are perplexed by the attempts of the State of Libya, through its smear campaign propounding information, especially of a biased and misleading nature, in order to denigrate Bulgarian institutions and a company with proven international experience such as "Bulgargeomin LTD" DZZD.

Note: All Appendixes are published on: BULGARGEOMIN Ltd. - Oil and Gas | Water Drilling | Geology and Mining

Attachments:
Attachment 1: Contract buy-sell
Attachment 2: Receivables from third parties
Attachment 3: Notification
Attachment 4: Court Order
Attachment 5: Letter
Attachment 5.1: Letter 2
Attachment 6: Mortgage on a ship
Attachment 7: Writ of ownership for movable property
Attachment 8.1: Registration card
Attachment 8.2: License for radio station