PETROLIA NORWAY AS UPDATE ON PL 628 TASTAVEDEN
Petrolia Norway AS, a fully owned subsidiary of Petrolia SE, announces that drilling of Well 25/9-4 Tastaveden in PL 628 is about to be completed.
The main objective of Well 25/9-4 was to prove hydrocarbons in the Hugin Formation of the Vestland Group. The well encountered Hugin Fm sandstones of good reservoir quality, but was water wet. The well was terminated 30 meters into the Sleipner Formation at 2397 meters subsea.
Well 25/9-4 Tastaveden was drilled with the semi-submersible rig Ocean Vanguard. Statoil Petroleum AS is the operator of the PL 628 license with 50 % interest. Partners are Petoro AS (20 %), Repsol Exploration Norge AS (20%) and Petrolia Norway AS (10 %).
Limassol/Bergen, 18 February 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 50 per cent of the PL674 license, 30 per cent of PL 506S, PL 506BS, PL 506CS, PL 506DS, 10 per cent of PL 628 and 10 per cent of PL 546, and 20 per cent of PL 739S, pending approval from the authorities. 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 350 highly competent employees worldwide.
This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)