Quarter 4

25.01.2011

This is to inform that a Meeting of Board of Directors of the Company will be held on Friday, the 11th February 2011 at 11.00 A M at the Registered Office of the Company to transact the following items.

1) To consider and take on record the Unaudited Quarterly Standalone Financial Results of the Company for the period ended 31st December 2010.

2) To consider and take on record the Unaudited Quarterly Consolidated Financial Results of the Company for the period ended 31st December 2010.

Kindly take the information on record.

25.02.2011

Venture Drilling AS (“VDAS”), a joint venture(50/50) between Petrolia ASA and Sinvest AS (which is an indirectly wholly owned subsidiary of Aban Offshore Limited), has entered into an agreement for early redelivery of the drillship Deep Venture aka Valentin Shashin being on bareboat from its Russian owner Arktikmorneftegazrazvedka (Arktik).

Through the settlement, Valentin Shashin has been redelivered to Arktik on 24 February 2011. VDAS will in total receive a cash amount of USD 138 million, which covers the purchase price for all equipment onboard belonging to Venture Drilling AS and its position in the arbitration against Arktik, both of which are being purchased by JSC Zarubezhneft.

Kindly take the information on record.