Pertra ASA Aims at IPO

Petra ASA's Board of Directors have agreed to initiate work aimed at applying for IPO during Q4 2006. In connection with this, a share issue in the amount of approximately NOK 500 million is to be implemented.

The company is facing considerable development tasks on the Yme Field and the Frøy Field and consequently needs to strengthen the equity in the company. Strengthened equity, in addition to loan capital, will enable Pertra to fully utilize the position the company has gained in licenses with proven discoveries.

The IPO will also result in increased liquidity in the share and facilitate the company's prospects of further growth. Pertra plans to invest close to NOK 2 billion in exploration projects by 2010. Pertra plans to operate two exploration wells in 2007.