Dry well on Terne
Petrolia Norway AS, a 100% subsidiary of Petrolia SE, announces that the 6507/5-7 exploration well on the Terne prospect in PL558 in the Norwegian Sea did not encounter hydrocarbons. Petrolia Norway AS has entered into an agreement with Det norske oljeselskap ASA to purchase 10% interest in the licence (pending only formal approval by authorities).
The well was drilled by the Borgland Dolphin rig. PL 558 is operated by E.ON E&P Norge AS (EPN), (30% equity). Other partners are PGNIG Upstream International (30%), Det norske oljeselskap ASA (10% equity) and Petoro AS (20% equity).
Limassol/Bergen, 20 June 2014
For further information, please contact:
Vidar Bergo Larsen
Managing Director
Petrolia Norway AS
Phone: +47 90 86 60 41
E-mail: vidar.bergo.larsen@petrolia.no
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 20 per cent of PL 7379S, 50 per cent of the PL674 license, 30 per cent of PL 506S, PL 506BS, PL 506CS and PL 506DS, 10 per cent of PL628 and 10 per cent of PL 546. The company is fully owned by Petrolia SE, listed on the Oslo Stock Exchange, with head office in Limassol, Cyprus, and regional 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, and a group of leading rental equipment companies for the global oil industry. Petrolia SE employs a staff of around 330 highly competent employees worldwide.
This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)