Petrolia Buys Stake in Det norske’s PL 558 (Norway)

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.

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.

Press Release, June 10, 2014

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