STATUS DEEP VENTURE

Reference is made to 4. Quarter report regarding Venture Drilling. As part of the Russian legal process, Venture Drilling AS has submitted the case to the Court of Cassassion in St.Petersburg. These proceedings commenced the 9th of March 2010, but were by the court postponed as FSUE Arktikmorneftegazrazvedka failed to appear before the court. It was not produced any documentation showing that FSUE Arktikmorneftegazrazvedka was properly summoned. It was by the court indicated that the proceedings will resume in about 2 1/2 months. Petrolia Drilling ASA is of the opinion that Maersk is not entitled to terminate the drilling contract. Both the manager LOG Ltd and Berge Gerdt Larsen has been requested to give further information regarding the alleged intention by Maersk to terminate the drilling contract but they have still not given any supplementary information. Petrolia Drilling ASA Board of Directors Bergen/Oslo, 10 March 2010