Pertra Plans New Exploration Well Southeast of Varg Field

Petroleum Geo-Services' subsidiary, Pertra, plans to drill a new exploration well on Production License (PL) 038.

The well will be drilled on the "Villmink" prospect seven kilometers southeast of the Varg field on the Norwegian Continental Shelf.

Pertra believes there are a number of possibilities for building additional reserves around the Varg field. This well is the first step towards exploiting these possibilities.

Odfjell Drilling has been awarded the drilling contract and will utilize their drilling rig, Deepsea Trym. Drilling is expected to start in October 2004.

Pertra is operator and 70 percent owner of PL 038 and Petoro 30 percent partner.