Peik closer to development

Bow Valley Petroleum (UK) has acquired a 66.67% interest in UK North Sea block 9/15a, and a 15% interest in block 9/10b West, for $67.96 million.

Offshore staff

CALGARY, Canada --Bow Valley Petroleum (UK) has acquired a 66.67% interest in UK North Sea block 9/15a, and a 15% interest in block 9/10b West, for $67.96 million.

Block 9/15a contains a segment of Peik, an undeveloped, gas condensate field in Jurassic age Brent sandstone. The main part of the field lies in the Norwegian sector, but the appraisal well 9/15a-1 was drilled across the median line in UK waters.

Bow Valley expects imminent unitization, leading to a development, probably starting next year. Assuming a subsea tieback, local infrastructure provides four potential offtake routes, all within 20 km (12.43 mi): Heimdal and Alvheim in Norway, and Bruce and Beryl on the UK side.

3/23/2007

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