PetroMENA Pleased with Investor Response to Bond Issue

In reference to PetroMENA's previous announcement regarding a new US $30 million bond issue in PetroMENA ASA. The bonds issue was oversubscribed, and the Board of Directors of PetroMENA is pleased with the response from both Norwegian and international institutional bond investors.

The bond issue is subject to finalized loan documentation and approval of loan documentation by the Trustee, Norsk Tillitsmann ASA and approval from General Assembly of PetroMENA ASA and Petrolia Drilling ASA regarding the acquisition of the rig SS Petrolia.

Pareto Securities ASA and Fearnley Fonds ASA managed the bond issue.

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