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UNSOLICITED INDICATIVE CONDITIONAL OFFER FOR PETRORIG I FROM A DRILLING CONTRACTOR

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Larsen Oil & Gas (LOG) as Business Manager for PetroRig I has received an unsolicited indicative conditional offer at USD 640 mill. incl. 1% commission payable by Sellers and with LOG keeping the present Management Agreement during the Petrobras five year contract.

Separately Buyers are also advising their interest in purchasing a majority shareholding in PetroMENA from Petrolia Drilling ASA.

The indicated level would be with a premium over todays' shareprice, around NOK 20 per share.

Based on recent market values and newbuilding prices the Board of Directors of PetroMENA / Petrolia Drilling have decided not to accept the indicative proposal.


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


Bergen/Oslo, 26 August 2008.