Pertra finds oil NW of Varg

Pertra has discovered oil in Palaeocene sands in the Storskrymten structure, 16 km (10 mi) northwest of the Varg field in the Norwegian North Sea.

Offshore staff

OSLO, Norway --Pertra has discovered oil in Palaeocene sands in the Storskrymten structure, 16 km (10 mi) northwest of the Varg field in the Norwegian North Sea.

Well 15/12-18S, drilled by the jackupMaersk Giant in 90 m (295 ft) of water, proved oil in sections of 36 m (118 ft) thick sandstones of the TY formation at a subsurface depth of 2,550 m (8,366 ft).

Following sampling and analysis, Pertra will continue drilling to test the potential of a prospect called Grytkollen in the Jurassic/Triassic at a depth of 3,330 m (10,925 ft).

This is the first exploratory well in production license 337, which was awarded under Norway's APA 2004 licensing round.

"We will now investigate if the volumes are sufficient for a commercial development," says Pertra CEO, Erik Haugane. The discovery looks promisingfor other Paleocene prospects mapped in this area, including Pertra's PL 408 license to the north, he added.

09/28/2007

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