Araca Energy ASA (“Araca”) has today signed a further agreement for the acquisition from Levant Energy Limited of 27.5 percent of the issued share capital of Timan Oil & Gas Plc. This agreement, which is on the same commercial terms but with deferred settlement terms, replaces the agreement which was approved by shareholders at an Extraordinary General Meeting on 22 December 2014.

A comparative size would in Norway be the field satellites Statfjord Nord (246 mmboe) and Statfjord Øst (230 mmboe), or the Ivar Aasen field (around 200 mmboe). The Timan field is landbased with far lower production costs than the Norwegian offshore fields.

For further information, please contact:

Henrik Wold, Interim CEO
E-mail: hw@aog.no
Phone: +47 35 60 00 00