Pertra Awarded Licenses in Offshore Norway APA Round

Petroleum Geo-Services reports that PGS' wholly-owned subsidiary, Pertra AS, has been notified by the Norwegian Ministry of Petroleum and Energy that it was awarded the following acreage in the Awards in Predefined Areas 2004 Round (APA 2004) on the Norwegian Continental Shelf:

1. Operatorship and 45% participation in Production License (PL) 337, including blocks 15/11, 15/12 (part) and 16/10 (part).

2. 20% participation in PL 332, including block 2/2 stratigraphic division.

3. 35% participation in PL 343, including blocks 29/9, 30/7 and 30/10 (part).

4. 35% participation in PL 349 including blocks 6407/11 and 6407/12 (part).

APA is a yearly concession round in mature parts of the Norwegian Continental Shelf. Each award is contingent on Pertra's acceptance of the award terms. Work commitments consist of geophysical and geological studies and drilling within two to three years or relinquishing the associated PL.

PGS is particularly pleased that Pertra was awarded operatorship of PL 337 which is located north of the Varg field. Pertra is currently the operator of the Varg field located in Production License 038 (Block 15/12) in the Norwegian sector of the North Sea with 70% interest while co-venturer Petoro AS holds the remaining 30%.