Petrolia Drilling Acquires 14.2% Stake in Petromena AS



Petrolia Drilling ASA entered into agreements to purchase 13,374,800 shares in Petromena AS, equal to 14.2% of the shares outstanding in Petromena. The shares were purchased for a total amount of NOK 60,186,600, equal to NOK 4.5 per Petromena-share.

In order to finance the purchase of Petromena-shares, Petrolia Drilling has completed a private placement of NOK 60,186,600, through the issuance of 24,074,640 new Petrolia Drilling-shares, at an issue price of NOK 2.50 per share. All the shares in the private placement in Petrolia Drilling were subscribed by Petromena-shareholders who sold their shares to Petrolia Drilling.

After registration of the private placement, the share capital of Petrolia Drilling will be NOK 233,679,357, divided into 467,358,714 shares, each with a par value of NOK 0.50.

Petrolia Drilling ASA will, after this purchase, hold 15.5% of outstanding shares in Petromena AS.

The investment in Petromena will increase Petrolia Drilling's exposure to the deepwater drilling segment at attractive terms.

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