Annual report 2010
Please find attached the annual report 2010 for Petrolia ASA.
This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)
Oil & Gas division: Petrolia Norway AS maximizes field potential through innovative exploration and increased oil recovery technology from mature areas on the Norwegian Continental Shelf, leveraging on the extensive industry experience of the Petrolia Norway team. Petrolia Norway AS is qualified as a licensee for the Norwegian Continental Shelf. The company currently holds 50 per cent of the PL674 license, 30 per cent of PL 506S, PL 506BS, PL 506CS and PL 506DS and 10 per cent of PL 628. The company is wholly owned by Petrolia SE and has offices in Bergen, Stavanger and Oslo. Through Petroresources Ltd (47.24 per cent owned) the division has economic interests in licenses in Africa and the Middle East. OilService division: The company´s involvement in oilfield services began through the acquisition of Independent Oil Tools AS in 2007. Total investment in equipment has subsequently exceeded USD 200 million. The investments were largely financed by Petrolia and in addition financial leases of more than USD 40 million were obtained. The division has developed into a leading international equipment rental group with a global presence. This division owns drill pipes, test strings & tubing, handling & auxiliary tools and other equipment. In addition, the division provides associated services like tubular running services through Premium Casing Services Pty Ltd in Australia and New Zealand. The OilService division benefits from an excellent track record of availability, technical compliance, experience and performance. It has a well-established, large, international client base, including a portfolio of contracts in place with numerous major oil service companies, oil companies and drilling contractors. Drilling and Well Technology division: In 2012, a subsidiary of Petrolia SE acquired two land rigs which are presently located in Romania. The drilling rig has completed 18 wells since it commenced a one and a half year contract in Romania. The contract is with a large oil company and is to be completed by the end of this year. The rig has proven to be efficient in line with expectations for the drilling activities, as well as fast and efficient mobilisation and demobilisation between wells. The rig is currently being marketed to a certain number of potential customers within Europe and other commercially attractive areas. The work-over land rig is being marketed and will be mobilised once a LOI is signed. Both rigs are managed by TM Drill, a Romanian land drilling contractor, in which Petrolia has a 19.66% interest. The division has started to build in-house competence within land drilling activities and has employed a number of skilled employees to be able to expand within this segment.