Q1 2007 Interim Reporting- Growth Strategy Continues

This article originates from the news archive of Det norske.

10. May 2007

In Q1 2007 (APA 2006) Pertra was awarded three new operatorships. The company’s license portfolio now comprises a total of seven operatorships and five partnerships. Total risked prospective resources amount to 260 million barrels, of which 7 million barrels constitute reserves and 33 million barrels risked prospective resources.

In Q1 2007, total operating revenues amounted to MNOK 29.4. The loss was MNOK 11.2 before taxes. Exploration costs amounted to MNOK 24.6. The net income in Q1 2007 was positive, MNOK 4.5, due to financial income and relatively low exploration costs.

Pertra has continued to invest efforts in maturing licenses toward the stage of exploration drilling and production. Drilling of the prospects Storskrymten and Grytkollen in PL 337 is expected to commence in July – August 2007.

As the operator of seven licenses on the Norwegian Shelf, Pertra will be a key player with regard to exploration drilling in the years ahead. The acquisition of 400 km2 3D data over one of the licenses awarded in January this year is scheduled to commence in May, and Pertra will be operating an exploration well this summer. The company’s level of ambition involves operating five to seven exploration wells per year from 2009. This will contribute to significant value creation for the benefit of both owners and society at large”, comments CEO Erik Haugane.

The Q1 2007 Interim Report may be downloaded here.

Click here to read the Q1 2007 presentation.

This information is also available on Oslo Stock Exchange (“Oslo Børs”).