OLSO, Norway, Feb. 21, 2003 (PRIMEZONE) -- Petroleum Geo-Services ASA ('PGS') (NYSE:PGO) (Oslo:PGS) today announced that its wholly-owned subsidiary Pertra AS has successfully sidetracked the A-15 well, within the Varg reservoir. The well is flowing at a rate of 12,500 barrels of oil per day, increasing the total daily output from the field from around 11,500 barrels per day prior to the new well, to a total daily production of approximately 25,000 barrels of oil.
The Varg field is located in Production License (PL) 038 on the Norwegian Continental Shelf. PGS through its subsidiary Pertra AS operates the Varg field with a 70% ownership, with Petoro AS (Norwegian State) holding the remaining 30%. The field is produced by the PGS owned FPSO Petrojarl Varg.