Closing of the PL 316 Purchase from Paladin

This article originates from the news archive of Det norske.

31. October 2005

On Thursday Paladin and Pertra concluded the handover of 10% of the PL 316 license. The sale/purchase agreement was submitted to the authorities 27 September and was approved in less than one month!

On 27 October, Paladin and Pertra closed the agreement of the transfer of 10% of PL 316 at a ceremony in Stavanger. Pertra is now a formal member of the PL 316 partnership. The other partners are: Paladin 40% (operator), Talisman, 30% and Revus 20%.

The PL 316 license encompasses the Yme field which the operator, Paladin, plans for development in 2007. The Aimee prospect east of Yme is presently being drilled using the jack-up Maersk Giant. Significant volumes of oil have been generated in the Egersund Basin where the license is situated. There are several prospects in the license that will be studied in detail using the recently acquired 3D seismic, before additional exploration drilling is decided.

Tim og Erik

The Managing Directors of Paladin and Pertra, Tim Bushell (left). and Erik Haugane, celebrate the transfer of 10% of PL 316 at Paladin’s premises in Stavanger.