Magnora ASA — M&A Activity 2010

Jul 1, 2010

Letter of Intent Extended for FPSO Sevan Voyageur

Letter of Intent Extended for FPSO Sevan Voyageur

In reference to the announcement made on May 3, 2010, Sevan Marine ASA,

on behalf of its wholly owned subsidiaries, and E.ON Ruhrgas UK E&P

Limited, as operator on behalf of the Huntington owners, have agreed to

extend the Exclusivity Period from June 30, 2010, to August 16, 2010, to

allow for the completion of all required documentation relating to the

charter of FPSO Sevan Voyageur.

The proposed charter party will be for a firm fixed term of five years

with extension options for the Huntington owners. The estimated contract

value would be USD 535 million for the fixed term.

The Huntington owners are:

E.ON Ruhrgas UK E&P Ltd (25% and operator)

Premier Oil ONS Ltd (40%)

Noreco (Norwegian Energy Company ASA) (20%)

Carrizo Oil & Gas Inc (15%)