Pertra Sells 15% of PL 321

This article originates from the news archive of Det norske.

22. December 2006

Pertra is operator of PL 321 situated in the Norwegian Sea, due west of the island of Frøya.

The license was awarded in the 18th licensing round. Pertra purchased its 40 % share from Talisman in February 2005. Aker Exploration acquires a 15 % share of the license from Pertra in exchange for carrying Pertra’s expenses for two explorations wells and also supplying a rig for drilling during the summers of 2009 and 2010.

Pertra has acquired 800 km2 of 3D seismic data over the license and decision to drill will be made no later than June 2007.

Pertra will always look for opportunities which increase our capacity to explore. In this case we both reduce our exploration risk and increase access to drilling capacity. Consequently, this agreement position Pertra for increased growth on the Norwegian Shelf,“ says CEO Erik Haugane.

Effective date of this transaction is 1 January 2007. The transaction is contingent upon approval from the Boards of Directors in the two companies, the license partners, and the Norwegian authorities. Subsequent to this transaction the ownerships in the license will be: Pertra (operator) 25 %, Talisman Energy 40 %, Hydro 20 %, and Aker Exploration 15 %.