PETROLIA NORWAY ENTERS INTO AGREEMENTS WITH STATOIL
Petrolia Norway AS, a 100% subsidiary of Petrolia SE, has entered into an agreement with Statoil Petroleum AS to purchase 10% in PL 628 and an agreement granting Statoil Petroleum AS an option on 10% in PL 506.
PL506 will be drilled in March 2013 and will be spudded shortly. PL628, located east of Ringhorne, is planned to be drilled in 2014.
The transaction conforms to Petrolia Norway's strategy of innovative exploration in mature areas on the Norwegian Continental Shelf, leveraging on the extensive industry experience of the Petrolia Norway team
The transaction is pending approval from the authorities.
Limassol/Bergen, 13 March 2013
For further information, please contact:
Vidar Bergo Larsen
Petrolia Norway AS
Phone: +47 90 86 60 41
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act.
About Petrolia Norway AS
Petrolia Norway AS maximizes field potential through innovative exploration in 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 on the Norwegian Continental Shelf. The company currently holds 50 per cent of the PL674 license and 30 per cent of PL 506S, PL 506BS, PL 506CS and PL 506DS. The company is fully owned by Petrolia SE, listed on the Oslo Stock Exchange, with offices in Oslo, Bergen and Stavanger.
About Petrolia SE
Petrolia SE has three business segments: E&P, Drilling & Well Technology and OilService and is listed on Oslo Stock Exchange under the ticker code PDR. The core activity includes Petrolia Norway AS, an independent oil & gas company approved as a licensee on the Norwegian Continental Shelf. In addition, Petrolia SE owns Independent Oil Tools Group, a leading rental equipment company for the global oil industry. The company employs a staff of around 250 highly competent employees worldwide.