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Small Norwegian oil company strikes North Sea oil with first well
Published in Saudi Press Agency on 28 - 09 - 2007


The small Norwegian oil company Petra
ASA has struck oil with its first wildcat exploration well
in the North Sea, AP QUOTED the sources of the national petroleum directorate
as saying Friday.
Shares in the company, which was first listed in 2006,
rose 7.88 percent to 78.75 kroner (US$14.45, ¤10.09) in
morning trading on the Oslo stock exchange after the
announcement.
The oil was found about 175 kilometers (110 miles) off the
western Norway port of Stavanger, in water depths of 90
meters (295 feet), a Norwegian Petroleum Directorate news
release said. It was too early to determine the size of the
discovery.
The site is located between two existing North Sea fields,
Sleipner and Varg.
The small company, which was founded in 2002, was awarded
the exploration block in 2004 as part of the Norwegian
government drive to find small oil deposits near existing
offshore fields in hopes of maintaining flows that make
Norway a major oil exporter.
Small finds that can be tied in to existing production
systems can dramatically cut the cost of field development.
«Making a discovery in our first exploration well is a
good credit to our exploration staff and very exciting,»
Pertra Chief Executive Erik Haugane said in a separate
statement. «We will now investigate if the volumes are
sufficient for a commercial development.»
The company was founded with the goal of finding and
developing small- to medium-sized oil and natural gas
fields in the waters off Norway.
Petra owns a 45 percent interest in the field and
Britain's Dana Petroleum PLC has 25 percent. Two other
Norwegian companies, Revus Energy ASA and Bridge Energy,
have 20 percent and 10 percent stakes, respectively.


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