PETROMENA ASA SUMMONS TO BONDHOLDERS' MEETINGS IN TWO BOND LOANS OF THE COMPANY

Petromena ASA (“Petromena”) summons to bondholders’ meetings in the two bond loans (the “Loans”) of the company with ISIN NO 001031608.6 (NOKm 2,000) and ISIN NO 001039578.3 (USDm 300). Please find attached the summons letter and a company update which also is available at the web pages of Norsk Tillitsmann (the Trustee) www.stamdata.no. The summons letter and the company update will be distributed to all bondholders trough the Norwegian Central Securities Depositary (“Verdipapirsentralen”).

Petromena ASA has significant capital expenditures going forward in connection with the newbuild program at Jurong Shipyard. The existing Lloyds TSB Bank facilities are not sufficient to meet the funding needs, and the Loans include limitations on the amount of first priority debt that is allowed. Consequently, Petromena is proposing to the bondholders in the Loans to increase the allowed first priority carve-out related to Petrorig 1 from USD 200 million to USD 300 million in order to allow for a USD 300 million senior debt financing which is expected to fully fund Petrorig 1, included mobilization costs. See attachments for further details.

The bondholders’ meetings are summoned at 16th January 2009 for both Loans.

Pareto Securities AS is acting as Petromena’s financial advisor.

Petrolia Drilling ASA owns 51,5% of the shares outstanding in PetroMENA ASA.


Bergen, 19 December 2008
PetroMENA ASA, Board of Directors

For further information, please contact : Mr. Lars Moldestad: +47 906 99 197.