Araca Energy ASA (the "Company") has experienced a substantial delay in reporting its 2016 consolidated financial statements. The Company is now in its final stages of completing the audited consolidated financial statements.

The situation has emerged due to a significant delay of accounts from one of the Company’s subsidiaries. The Company’s management and Board have been working diligently to resolve the issues. Due to the delay the Company has received a notification from the Company House (Brønnøysundregistrene). The Company is now in its final stages of completing the audited consolidated financial statements and expect the call for the Annual General Meeting to be distributed with the audited accounts shortly after Easter.

Over the past year the Company has spent considerable time on improving its operations through its subsidiaries and related companies and have taken numerous measures to increase the fundamental value of the Company. Following the AGM the Company will give a detailed update to its shareholders on the development.

For further information, please contact:

Harald Sætvedt
CEO
E-mail: hs@araca.no
Phone: +47 91 13 72 34