Increased Activity for Pertra in Q2 2007

Pertra has escalated its activities significantly in Q2. The company has mapped extensive areas in the Norwegian Sea, decided on a redevelopment solution for the Fry field, and increased its license portfolio. The level of activity will continue to increase.

Pertra generated total operating revenues in Q2 in the amount of MNOK 26.6 (18.2). The loss before taxes was MNOK 92.5 (69.7). Total exploration costs amounted to MNOK 102.4 (68.0), of which costs related to seismic surveys constituted MNOK 78.4 (32.0). The net loss was MNOK 9.5 (16.6).

In Q2, more than 540 km2 3D seismic data was acquired in PL 432 in the Norwegian Sea. Pertra is 100% owner and operator of the license, and will decide on a prospective exploration well at a later stage. In addition, a redevelopment solution for the Fry field, operated by Pertra, has been identified during Q2. A review of technical solutions related to a new facility for Fry is currently in progress. Pertra is also the operator of Production License 337, located in the southern part of the North Sea, where drilling of the prospects Storskrymten and Grytkollen is scheduled to commence in late August.

Pertra's portfolio was further increased during Q2, as the company was awarded an exploration license in the Norwegian Sea in May. The current license portfolio comprises seven operatorships and six partnerships. Total risked contingent resources amount to 265 million barrels. During the last months Pertra has increased its staff by 20%, strengthening both the headquarters in Trondheim as well as the Stavanger office. In addition, Pertra has established an office in Harstad, where the staff includes highly experienced geologists and geophysicists. The objective is to position the company for exploration activities in the Barents Sea, an area containing very promising discoveries.

"Pertra is focused on exploration and development of small and medium-sized oil and gas fields. Underpinned by an aggressive exploration policy, the company now emerges as one of the major operating companies on the NCS. Pertra has demonstrated good progress in its operated licenses in Q2, including those we were awarded as late as January this year. We are very pleased with the company's development this quarter. The decision to participate actively also in the Barents Sea will render Pertra a complete Norwegian operating company, with activities in all regions on the Norwegian Shelf", concludes CEO Erik Haugane.

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