PGS Confirms Extension of Varg Field

abarrelfullabarrelfull wrote on 11 Jan 2013 14:23

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29 Dec 2003.

Petroleum Geo-Services ASA ("PGS" or the "Company") (OSE: PGS; OTC: PGEOY) announced today that Pertra AS, a wholly owned subsidiary of PGS, has completed appraisal well 15/12-14, confirming the western extension of the Varg field. The field is located in PL038 (Block 15/12) in the Norwegian North Sea.

The well was drilled down to 3254 meters. 78 meters of oil-bearing sands were discovered, confirming the revised reservoir model based upon new PGS seismic data. The well will be converted to an oil producer and is expected to be brought on-stream mid January 2004. PGS expects production from the Varg field to double from today's level of approximately 1800 Sm3/day (11,000 bopd), and for field life to be extended beyond 2004. The Varg field is being produced by the Petrojarl Varg FPSO, owned and operated by PGS Production.

Pertra AS is the operator of PL038 with 70% interest and co-venturer Petoro AS holding the remaining 30%. The Norwegian Petroleum Directorate has also made an independent announcement today.

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