Hemen Holding Limited ("Hemen") has on 20 August 2021 acquired in total 127,207
shares in Avance Gas Holding Ltd ("Avance", OSE ticker: AGAS). 

Following the acquisition, Hemen holds 25,383,231 shares in Avance, equaling
32.78% of the shares and votes in Avance. In addition, Frontline Ltd, a company
in which Hemen holds approximately 40.0% of the shares, owns a total of 442,384
shares in Avance, resulting in an aggregate holding of 25,825,615 shares
equalling 33.35% of the shares and votes in Avance. 

The transactions have triggered an obligation for Hemen to make a mandatory
offer pursuant to section 6-1 of the Norwegian Securities Trading Act. Hemen
intends to put forward a mandatory offer to acquire all shares not already held
by it within the 4 weeks deadline stipulated by section 6-10 (1) of the
Norwegian Securities Trading Act. The highest price that Hemen has paid for
shares in Avance during the last six months is NOK 43 per share. 


20 August 2021, 
Hamilton, Bermuda


This information is subject to the disclosure requirements pursuant to Section
4-2 and 5-12 the Norwegian Securities Trading Act.