SIMEC Atlantis Energy Regulatory News (SAE)

Thursday 7 July 2016

Atlantis Resources Limited

("Atlantis" or the "Company")

EU confirms Brexit has No implications for existing EU funding for UK companies

Atlantis welcomes a statement from Ocean Energy Europe ("OEE") confirming that there will be no impact on existing EU funding of UK companies as a result of Brexit.

The European Commission has assured OEE that all existing contracts to award Commission funds (including Horizon 2020, LIFE, NER 300) and all financing contracts with the European Investment Bank for companies and organisations in the UK are still valid and binding.

Moreover, for as long as the UK is a member of the European Union, companies and organisations in the UK have the right to apply for funding or financing under new calls or programmes.

Once the UK Government formally notifies the EU of its decision to cease membership, the process and negotiations could last several years. Jean-Claude Juncker, President of the European Commission, confirmed that "until this process of negotiations is over, the United Kingdom remains a member of the European Union, with all the rights and obligations that derive from this. (…) EU law continues to apply to the full to and in the United Kingdom."

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