SPUD OF THE PL 506S STORBARDEN WELL
Reference is made to the Stock Exchange Notice from Rocksource ASA (Rocksource), regarding the drilling of the Storbarden well in PL 506S in the North Sea.
Storbarden has been evaluated by Rocksource as a high risk/high reward prospect in the Stord basin, an under-explored part of the North Sea. The exploration well will test a new charge and retention model. The main Storbarden target is a stratigraphic trap in the Tertiary Balder formation, while the Langenuen prospect in the Utsira formation is defined as a secondary target.
Rocksource is the operator of the PL 506S licence with a 25 per cent working interest. The partners in PL 506S are Petoro (20 per cent), Petrolia (30 per cent) and Valiant (25 per cent). The well is being drilled by the semi-submersible rig Borgland Dolphin and is anticipated to take around 34 days to complete in a dry case scenario.
Limassol/Bergen, 11 March 2013
For further information, please contact:
Vidar Bergo Larsen, Managing Director Petrolia Norway AS
Phone: +47 90 86 60 41
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, 30 per cent of PL 506S, PL 506BS, PL 506CS, 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.
This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)