Petrolia Norway as Enters into Agreement with Det norske oljeselskap ASA

OSLO, Norway--()--Regulatory News:

Petrolia Norway AS, a 100% subsidiary of Petrolia SE, has entered into an agreement with Det norske oljeselskap ASA to purchase 10% in PL 558.

PL558 is located in the Norwegian Sea east and adjacent to the Skarv Field. The well will be spudded in the near future and is scheduled for 29 days.

The transaction is pending approval from the authorities.

Limassol/Bergen, 10 June 2014

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 holds 20 per cent of PL 7379S, 50 per cent of the PL674 license, 30 per cent of PL 506S, PL 506BS, PL 506CS and PL 506DS, 10 per cent of PL628 and 10 per cent of PL 546. 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, Bergen and Stavanger.

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.

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Contacts

Petrolia Norway AS
Vidar Bergo Larsen, +47 90 86 60 41
Managing Director
vidar.bergo.larsen@petrolia.no

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Contacts

Petrolia Norway AS
Vidar Bergo Larsen, +47 90 86 60 41
Managing Director
vidar.bergo.larsen@petrolia.no