PETROLIA NORWAY SPUDS EXPLORATION WELL ON THE ZULU PROJECT IN THE NORTH SEA
Petrolia Norway AS, a 100% subsidiary of Petrolia SE, announces that drilling of exploration well 26/10-1 in PL674BS has commenced.
The well will investigate the hydrocarbon potential of the Zulu prospect in PL674BS, located 100 km west of Stavanger on the Norwegian west coast and approximately 30 km northeast of the Johan Sverdrup discovery.
The main objective of well 26/10-1 is to test the reservoir properties and hydrocarbon potential of Miocene aged sandstones of the Utsira Formation in the Patch Bank Ridge. Operator Lundin Petroleum estimates the Zulu prospect to have the potential to contain unrisked, gross prospective resources of 153 million barrels of oil (MMboe).
The planned total depth is 1,020 metres below mean sea level and the well will be drilled using the semisubmersible drilling unit Island Innovator. Drilling is expected to take approximately 25 days.
Petrolia Norway holds 35 per cent working interest in PL674BS. Partners Lundin Norway, operator, and E.ON E&P Norge holds 35 and 30 per cent working interest respectively.
Limassol/Bergen, 20 January 2015.
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, 35 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 and Bergen.
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.