Venture Drilling to Issue Bond Loan

Venture Drilling AS, issues a private placement bond loan amount of US $40 million and maturity December 2010. Venture Drilling is a joint venture company between Sinvest and Petrolia Drilling.

Pareto Securities ASA was given the mandate as arranger for the Bond Loan, which now is fully subscribed. The Bond Loan is Senior Unsecured, will carry a coupon rate of 12% p.a., and mature on September 10, 2010. Settlement date is expected to take place December 9, 2005.

The Bond Loan will run with annual installment of US $10 million from September 2007. Venture Drilling will have the option to redeem the Bond Issue in September 2007 at 109% of par value, in September 2008 at 106% of par value and in September 2009 at 103% of par value.