Pertra, DNO Decide to Move Forward on Midgard West

Petra (70% and operator) and DNO (30%) have decided to drill an exploration well to test the Midgard West prospect in Production License 380 in the Norwegian Sea. The license partners were scheduled to make a drill or drop decision by Jan. 6, 2007.

The prospect is scheduled to be drilled using the semi-submersible drilling rig Bredford Dolphin in Q4 2007.

The water depth is 266 meters and the prospect is situated 2,800 meters below the seabed. The prospect is located only 4 kilometers from the Midgard Field, which was discovered in 1981 and started producing through the Asgard development in 1999.

"We are very pleased to commence drilling activities in the two operator licenses awarded to us in APA 2005. This indicates that we have been successful in identifying interesting licenses in our license applications. Midgard West is a classic example of an opportunity not being pursued by the major companies. Provided that hydrocarbons are present, this prospect will prove to be of great value to society," comments CEO Erik Haugane.

Following this decision, Pertra will operate two exploration wells on the Norwegian Shelf in 2007; one in the North Sea and this one in PL 380 in the Norwegian Sea.

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