The purpose of the well was to test a stratigraphic prospect ("Villmink") of Late Jurassic age to the south-west of the Varg field adjacent to the UK border in the North Sea. Hydrocarbons were not discovered in this well which will be permanently plugged and abandoned.
The negative result of the "Villmink" well has no influence on the ongoing review of the strategic opportunities for Pertra, due to the fact that this prospect has not been a part of the assets evaluated by the bidders. The Pertra process is proceeding as expected and PGS will provide an update early 2005.
Pertra is the operator of PL 038 in the Norwegian sector of the North Sea with 70% interest while 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 (FPSOs) and owns a small oil and gas company. 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 are subject to certain additional risks and uncertainties as disclosed by the Company in its filings with the Securities and Exchange Commission including the Company's most recent Annual Report on Form 20- F for the year ended December 31, 2003. 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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