Petra to Use Maersk Giant on PL 337 Exploration Well

Pertra has received a consent for exploration drilling with the Maersk Gian in PL 337 from the Petroleum Safety Authority Norway (PSA). Pertra is the operator of Production License 337 and is scheduled to drill an exploration well in the license in August 2007. The Maersk Giant is operated by Maersk Contractors. Well 15/12-18 shall test deposits of hydrocarbons in the Ty Formation (the Storskrymten prospect) and in the Skagerak Formation (the Grytkollen prospect). The well is to be drilled to a depth of approximately 3,300 meters.

Pertra previously used the Maersk Giant on the Varg Field, which produced very good results. The rig is currently in operation for Talisman Energy. This assignment is expected completed in early August this year, whereupon Pertra will take over and employ the rig for exploration drilling in PL 337. The anticipated duration of the drilling program for testing of the primary targets in PL 337 is 55 days. The estimated cost is 219 MNOK.

If well results prove positive, Pertra will consider drilling a sidetrack. If discoveries are made and the drilling of a sidetrack decided, the duration of the operation is estimated to be prolonged by 17 days. This will carry an additional estimated cost in the amount of 83 MNOK.

Having submitted an Application for Consent to Drill to the authorities, Pertra has now received consent for this operation. The Norwegian Pollution Control Authority has issued a discharge permit on condition that the environmental risk assessment and the emergency preparedness analysis are updated prior to drilling start-up. This work has already been initiated.

License partners are BG Norge, Revus Energy, and Talisman.

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