Pertra to Use Bredford Dolphin to Drill Eitri Well

Pertra ASA has signed an agreement with ExxonMobil to acquire a 25% interest in the Eitri prospect located in PL 027B, seven kilometers from the Jotun Field. Subject to an agreement with PL 027B, Pertra will operate one exploration well and plans to use the Bredford Dolphin for the drilling operation. Likely start-up is Q208.

Pertra will earn a 25% interest in the license (excluding the Jotun Field) by carrying ExxonMobil's part of the costs associated with one well for their remaining 25% interest. The area outside the Jotun Field will be designated as a new license, PL 027D, pending approval by the Norwegian authorities.

"Pertra considers the Eitri prospect to be a very interesting exploration opportunity, an analogue to the nearby Ringhorne Field and in the same Paleocene play model as our recent Storskrymten discovery. We also see additional potential in the deeper Jurassic section. We are looking forward to cooperate with ExxonMobil and their partner Dana Petroleum in pursuing this opportunity" says Sigmund Hanslien, VP Portfolio Management in Pertra.

Completion of the transaction is contingent upon conditions precedent, including approval by the Norwegian authorities.