LOTOS Exploration & Production Norway AS has signed a contract with Maersk Drilling for ultra harsh environment jack-up rig Maersk Guardian work on the PL498 Skagen prospect - well 7/8-7 offshore Norway. The one-well contract has an estimated duration of 55 days. Commencement is scheduled for the third quarter of 2012.

"The 7/8-7 well will be the first operated exploration well for LOTOS EPN and it will represent a very significant step in the development of the company as an operator on the Norwegian Continental Shelf. We are pleased to have secured the services of Maersk Drilling for this well and consider the Maersk Guardian as a very suitable rig for the task" says Gerhard Bauer, CEO of LOTOS EPN.

The PL498 is one of 3 licenses operated by LOTOS EPN. Drilling site investigations for the 7/8-7 well has been done this summer with Fugro Services AS and Fugro Geotechnics AS, both as contractors. The Fugro companies provided services of high quality and completed the work efficiently without any HSE incidents or interference with fishing activities.

The license partners in PL498 are:
• LOTOS Exploration and Production Norge As (Operator) - 25%
• Edison International Spa                                             - 25%
• North Energy AS                                                         - 25%
• Skagen 44 AS                                                             - 25%

Stig Bergseth
Exploration Manager
LOTOS Exploration & Production Norge AS