Petromena Continues to Look for Financing

Reference is made to the summons letter published on 25 February 2009 by Petromena ASA ("the Company") and its subsidiary Petrorig III Pte Ltd. On 11 March 2009 a bondholder meeting was arranged in each of two bond loans of Petromena ASA with ISIN NO 001031608.6 (NOKm 2,000 Loan) and ISIN NO 001039578.3 (USDm 264 Loan) and the loan of Petrorig III Pte Ltd with ISIN NO 001039578.3 (NOKm 1,600 Loan) (together the "Loans").

The bondholders' meetings in the NOKm 2,000 Loan and the USDm 264 Loan voted in favor of the proposal.

For the NOKm 1,600 Loan, the proposal, including extending the USDm 50 equity injection into Petrorig III Pte Ltd until December 2009, was not approved. However, the bondholders in the NOKm 1,600 Loan has given Petrorig III Pte Ltd an approval to extend the grace period, which currently matures on 13 March 2009, until such time as the bondholders gives Petrorig III Pte Ltd 2 banking days written notice of the expiry of the grace period. Please see attachment for further descriptions.

Based on this the Company and its subsidiaries will continue to complete the work with the bank financing as well as to pursue the MOU related to Petrorig 3.


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