The additional production wells are a result of the previously announced successful appraisal well 15/12-14, confirming the modified reservoir model developed by Petra through PGS Reservoir and innovative seismic from PGS.
The production of the Varg Field is approximately 25,000 barrels per day, following the successful completion of the new well 15/12-14. The additional wells are expected to bring production above 30,000 barrels per day, and extend the field life beyond 2005.
PGS Production AS, using it's FPSO "Petrojarl Varg", is producing the Varg field.
Pertra AS is the operator of Production License 038 with 70% interest and co-venturer Petoro AS holds the remaining 30%.
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Petroleum Geo-Services is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic- and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units (FPSO's). PGS operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services visit www.pgs.com.
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The information included herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on various assumptions made by the Company which are beyond its control and certain additional risks and uncertainties as disclosed by the Company in its filings with the Securities and Exchange Commission. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements.
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