*

Hitt og þetta 21. apríl 2006

Petrolia Drilling ASA completes private placement

Nordic Business Report-April 21, 2006-Petrolia Drilling ASA completes private placement
(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com

The Norwegian offshore drilling contractor Petrolia Drilling ASA said on Friday (21 April) that it had completed a private placement of a total of 165,000,000 new shares at a subscription price of NOK3.65 per share.

Gross proceeds from the private placement amounted to NOK602.3m.

Proceeds from the private placement would be used to fund Petrolia's rig investments associated with its investment in PetroMena AS, where Petrolia owns some 36%.

The private placement was managed by ABG Sundal Collier Norge ASA and Pareto Securities ASA.

One Norwegian krone (NOK) is worth approximately 0.08 British pounds (GBP).

((Comments on this story may be sent to tww.feedback@m2.com))