§ 1 The name of the company is Independent Oil and Resources ASA.
§ 2 The company’s objective is production, trade and service, particularly within the oil industry, and participation in other companies with related objectives.
§ 3 The company’s commercial headquarter is in Stavanger municipality.
§ 4 The company’s share capital is NOK 7.650.153,65 divided into 306.006.146 shares each with a nominal value of NOK 0.025. The company’s shares are registered in VPS.
§ 5 The company’s board of directors shall have from 3 to 5 members as determined by the general meeting.
The board of directors may grant power of attorney.
The company’s power of signature is exercised by the chairman of the board of directors and one board member jointly.
§ 6 The ordinary general meeting shall address: * Approval of the profit and loss account and balance sheet, hereunder distribution of annual profit or coverage of annual loss, possibly also approval of consolidated group profit and loss account and balance sheet. * Election of board of directors and chairman of the board of directors upon termination of tenure. * Other matters specified by statue for consideration by the general meeting.
§ 7 Incidentally, prevailing securities legislation shall be applied.
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(The articles of association of IO&R are written in Norwegian. Set forth above is an office translation).