Pertra takes a leap toward becoming Norway’s second largest operating company

This article originates from the news archive of Det norske.

30. January 2007

Pertra ASA (OSE: PERTRA) is pleased to announce that the company has been awarded all three operatorships in the APA 2006 Licensing Round that the company applied for. Pertra’s portfolio now comprises a total of seven operatorships on the Norwegian Shelf.

Prior to selecting which blocks to apply for we invested considerable resources in data acquisition and interpretation. This approach involves that we have been willing to apply for relatively large shares in the new licenses. Measured in terms of license volume Pertra emerges as one of the most successful of the smaller oil companies, together with Revus Energy and Noreco,” comments CEO of Pertra, Erik Haugane.

To maintain the anticipated level of activity in the new licenses, Pertra has already entered into a contract with Fugro-Geoteam regarding the acquisition of 400 km2 3D seismic data over Blocks 6507/9 and 12. The value of the contract is NOK 60 million, and data acquisition is scheduled for August 2007.

Pertra is furthermore prepared to employ the rig ”Bredford Dolphin” for potential drilling operations in Blocks 15/8 and 9 in 2008. However, further interpretation remains to be completed before a drilling decision is made. In addition, results from the drilling operations on ”Storskrymten” and ”Grytkollen” in PL 337 this summer will impact the chance of success also in Blocks 15/8 and 9.

Prior to confirming a possible drilling decision in Blocks 25/3, 5, and 6, a considerable amount of additional work is required. This area is essential to the success of the redevelopment of the Frøy Field, as any additional production to Frøy will affect the profitability of this project significantly.

So far we have identified seven prospects in the newly awarded blocks. What this amounts to in terms of risked resources will be announced in the Q4 2006 Interim Report.

The results of the APA 2006 awards are in keeping with a long-term beneficial development on the Norwegian Shelf. Operating companies that are qualified and interested in developing resources deemed too marginal by the largest oil companies will now be assigned greater responsibility for contributing to the Norwegian total petroleum economy. Despite the company’s dominant position, Statoil/Hydro has increased its number of operator licenses from 130 to 140, whereas DNO and Pertra have become the second largest Norwegian operating companies with seven operatorships each.