SUMMONS FOR BONDHOLDERS` MEETINGS

PetroMENA ASA (the “Company”) summons for bondholders’ meetings in the three bond loans within the Company’s group with
ISIN NO 001031608.6 (NOKm 2,000), ISIN NO 001039578.3 (USDm 264) and ISIN NO 001039578.3 (NOKm 1,600).
This summons in the NOKm 2,000 bond loan and the NOKm 1,600 bond loan are based on the jointly request from the Company and
Deutsche Bank AG, London Branch as a bondholder holding minimum 1/10 of the bonds in the NOKm 2,000 bond loan and the
NOKm 1,600 bond loan.

Please find attached the summons letters which also is available at the web pages of Norsk Tillitsmann (the Trustee) www.stamdata.no.
The summons letters will be distributed to bondholders trough the Norwegian Central Securities Depositary ("Verdipapirsentralen").

Reference is made to the summons letter related to the NOKm 2,000 bond loan and the USDm 264 bond loan distributed on 19 December 2008.

Furthermore, the NOKm 1,600 bond loan agreement includes a clause saying that USDm 50 of additional equity should be injected into Petrorig III Pte Ltd within February 2009. This additional equity was linked to the USDm 105 January 2009 yard installment related to Petrorig 3 that recently was postponed to delivery of the rig in January 2010. After the successful postponement of the yard installment, Petrorig III does not need this additional equity before mobilization of the rig starts in late 2009. Consequently, the borrower will propose to postpone the additional equity injection.

Please see attachments for further details related to all three bond loans.

The bondholders' meetings are summoned at 11 March 2009 for all three bond loans.

Pareto Securities AS is acting as PetroMENA's financial advisor.


Bergen/Oslo, 25 February 2009


PetroMENA ASA,
Board of Directors