OSLO: Arctic Securities AS has been engaged by Sungas Holding Ltd. to explore the sale of up to 3.0 million existing shares in Avance Gas Holding Ltd., representing approximately 4.65 percent of the share capital and voting rights in the Company.

The Transaction is to be conducted by way of an accelerated bookbuilding process.

The bookbuilding process will commence immediately following the publication of this announcement and may be closed at short notice at the full discretion of the Manager. A further announcement will be made following pricing of the shares in the Transaction. The Seller reserves the right, at its own discretion, to sell fewer shares or no shares at all and to reduce or disregard any order for shares.

Sungas Holding Ltd. is represented on the Board of Directors of the Company by Francois Sunier. Assuming all the shares available in the Transaction are sold, Sungas Holding Ltd. will not hold any shares in the Company.