Mr Atle Karlsvik has resigned as Chairman of the Board of Directors of Araca Energy ASA (the "Company") and will not be put forward by the Election Committee to be re-elected as a director of the Company at an Extraordinary General Meeting to be held shortly.

The Election Committee refers to the Public Companies Act (ASAL) §6-6 (1), concerning Board Members Time of Service and points out that Board Members serve for two years. Mr Karlsvik was registered as Chairman of the Board of Directors of Araca Energy ASA during January 2015.

The Nominations for the Board of Araca Energy ASA made by The Election Committee will be announced on the Company's web site in the near future.

Oslo, 20 February 2017
Henrik Wold
CEO, Araca Energy ASA