Pertra Finds Oil with First Wildcat Well

Pertra has discovered oil in Paleocene sands in wildcat well 15/12-18S. The discovery is located 16 kilometers northwest of the Varg Field offshore Norway.

One purpose of the well was to prove hydrocarbons in Paleocene sandstones in a prospect named Storskrymten. The well proved oil in parts of 36 meter thick sandstones of the TY Formation at a depth of 2,550 meters. The reservoir section will be sampled and evaluated before a decision to drill a side-track is made.

After having collected the necessary samples, the Operator will continue to drill in order to test the potential of another prospect at 3,300 meters, called Grytkollen.

"Making a discovery in our first exploration well is a good credit to our exploration staff and very exciting," states CEO Erik Haugane. "We will now investigate if the volumes are sufficient for a commercial development. The discovery is very promising for the other Paleocene prospects mapped in this area, including the Pertra-operated PL 408 just north of this discovery."

This is the first exploration well in Production License 337. The license was awarded in APA 2004. The well is being drilled by the jackup Maersk Giant.

The licensees in Production License 337 are Pertra as operator with 45%; Dana Petroleum with 25%; Revus Energy with 20% and Bridge Energy with 10%.

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