NOTICE FROM BONDHOLDERS` MEETINGS

On 16 January 2009 a bondholder meeting was arranged in each of the two bond loans of Petromena ASA (the “Company”)
with ISIN NO 001031608.6 and ISIN NO 001039578.3 (the “Loans”). The bondholders’ meetings in each of the two Loans approved
the proposed amendments, however with certain conditions, set by a group of bondholders (the “Group”), that were to be agreed
upon in a separate Subsequent Agreement within 30 January 2009.

The Company and the Group did not reach an agreement on the final Subsequent Agreement within the original deadline of 30 January 2009. However, the Company will meet the Group’s request to hire a financial advisor representing the bondholders in the Loans. The financial advisor will provide financial advisory services to the trustee Norsk Tillitsmann on behalf of all the bondholders. These services will include conducting a business due diligence in relation to the Company, its subsidiaries, the Rig construction projects and the Petrolia Rig owned by PetroMena Ltd and advising the trustee in negotiations with the Company and other stakeholders. The Company will continue to work towards an agreement with the Group and the trustee Norsk Tillitsmann.

The Company is in a positive dialogue with the banks and Jurong Shipyard regarding a total financial solution for Petrorig 1 as well as a postponement of the second last yard installment for Petrorig 3.

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

Bergen, 2 February 2009

Petromena ASA, Board of Directors