Araca Energy ASA's ("Araca") Election Committee today advised the Board of Directors (the “Board”) to summon an Extraordinary General Meeting to approve the following board appointments:

Mrs Olivera Ilincic, as director 
Mr Abdulkareem Al Mutawa, as director
Mr Alain Duvaux, as alternate director to Mr Al Mutawa

Messrs Al Mutawa and Duvaux represent the shareholder MAC SA, an investment company backed by a large private Kuwaiti investment group with material investments in the energy sector.

The Chairman of the Board, Mr. Atle Karlsvik said: "- We are satisfied and honoured that the new directors have chosen to accept to be nominated to the Board. We are committed to building Araca into a leading independent oil company with a planned listing on the Oslo Børs main list."

About MAC SA:

MAC SA, founded in 1992, headquartered in Tunis, is an investment company providing asset management and corporate finance to leading investors and companies in various sectors. The majority of MAC’s share capital is held by a large private Kuwaiti conglomerate, through its subsidiary Al Mal Investment Company.

About Araca Energy ASA:

Araca Energy ASA is an oil and gas company with head offices in Oslo, Norway. Araca is through the fully owned subsidiary OOO Geotechnologia specialized in oil and gas activities in Russia and bordering countries. Araca holds exploration and production licenses in the Timan-Pechora region in Northwest Russia. Araca subsidiaries holds and operate three licenses for exploration and production. The first gas field in Ukhta commenced production in 2010.

Oslo, 24 February 2016
On behalf of Araca Energy ASA's board of directors
Atle Karlsvik
Chairman of the Board of Directors

For further information, please contact:

Henrik Wold, Interim CEO
E-mail: hw@araca.no
Phone: +47 988 88 444