ZULU EXPLORATION WELL, OFFSHORE NORWAY HAS BEEN COMPLETED AS A GAS DISCOVERY

06 Feb 2015

Petrolia Norway AS, a 100% subsidiary of Petrolia SE, announces that drilling of wildcat well 26/10-1 is completed. The well investigated the hydrocarbon potential of the Zulu prospect in PL674BS, which is located 100 km west of Stavanger on the Norwegian west coast and approximately 30 km northeast of the Johan Sverdrup discovery.

The main objective of well 26/10-1 was to test the hydrocarbon potential in the Miocene Utsira Formation sand.

The well encountered Utsira Formation sand with very good reservoir quality.  The well encountered gas in an upper 24 m sand sequence.  Pressure measurements imply a gas column of 36 m at the well. Thorough logging and sampling has been performed. Fluid data will be analysed and detailed mapping performed for resource potential evaluation. The well is being plugged and abandoned as a gas discovery.

The well was drilled by the drilling rig Island Innovator to a total depth of 995 m subsea and was terminated in sediments of presumed Oligocene age Hordaland Group. The well was drilled in a water depth of 140 m on the Patch Bank Ridge.

This well was the first exploration well in licence PL674BS, which was awarded as a part of PL674 in APA 2012 and carved out as a separate licence in 2014.

Petrolia Norway holds 35 per cent working interest in PL674BS. Partners Lundin Norway, operator, and E.ON E&P Norge holds 35 and 30 per cent working interest respectively. The drilling rig will permanently plug and abandon the well.

Limassol/Bergen, 6 February 2015

Contact person:

Vidar Bergo Larsen

Managing Director

Petrolia Norway AS

Phone: +47 90 86 60 41

E-mail: vidar.bergo.larsen@petrolia.no

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act.

 

About Petrolia Norway AS

Petrolia Norway AS maximizes field potential through innovative exploration in mature areas on the Norwegian Continental Shelf, leveraging on the extensive industry experience of the Petrolia Norway team. Petrolia Norway AS is qualified as a licensee on the Norwegian Continental Shelf. The company currently has ownership in 13 licenses on the NCS. The company is fully owned by Petrolia SE, listed on the Oslo Stock Exchange, with head office in Limassol, Cyprus, and regional offices in Oslo and Bergen.

 

About Petrolia SE

Petrolia SE has three business segments: E&P, Drilling & Well Technology and OilService and is listed on Oslo Stock Exchange under the ticker code PDR. The core activity includes Petrolia Norway AS, an independent oil & gas company approved as a licensee on the Norwegian Continental Shelf, and a group of leading rental equipment companies for the global oil industry. Petrolia SE employs a staff of around 330 highly competent employees worldwide.