PA Resources AB has entered into two contracts with the purpose to pursue a new
drilling program offshore in Tunisia with estimated start in January 2008. The
first contract concerns the charter of a drilling rig from a subsidiary of
ENSCO International Incorporated. The second contract concerns the hire of a
well management team from AGR Group.
The first contract has been signed with a subsidiary of the US drilling
contractor ENSCO International Inc. and concerns the charter of the drilling
rig ENSCO 85 for a firm period of minimum 270 days. An option for further
extension up to 225 days is included in the ENSCO contract. The contract value
including mobilization for the firm contracted period is 64 Million US dollars.
The second contract has been signed with the Norwegian company AGR Drilling
Production Technology AS, a subsidiary in the AGR Group, and concerns the hire
of a well management team that will plan and execute the drilling operations.
The planning phase started the 1st of June 2007 and execution phase is expected
to start early January 2008. The contract is valid until the completion of the
drilling campaign. During the initial 270 days the contract value is estimated
to be approximately 12.6 Million US dollars.
- The two contracts secure PA Resources' ability to further develop the
production at the Didon field and continue the active strategy of finding and
developing oil and gas reserves within the Zarat permit, says Ulrik Jansson,
president and CEO at PA Resources AB.
PA Resources' 2008 Drilling program offshore Tunisia includes the planning and
execution of five firm wells and any optional well PA Resources may decide on
during the campaign. The chartered rig will drill one to two new oil production
well(s) at the Didon production platform and additional exploration wells
within the Zarat exploration permit. The new production well(s) will contribute
to an extension of the plateau production period and further increase the
recoverable reserves in the Didon field. The first new exploration well - Didon
North - will be drilled to prove new oil reservoirs close to the Didon
platform. The second exploration well will be drilled as part of PA Resources'
new Elyssa/Zarat field development project.
Oslo/Stockholm, September 25, 2007
PA Resources AB (publ)
For more information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Telephone: +46 70 751 41 84
E-mail: info@paresources.se
or
Trond Bjerkan
Vice President, PA Resources AB
Telephone: +47 21 56 76 10
E-mail: info@paresources.no
PA Resources AB (publ) is a fast growing oil and gas group company with the
business strategy to acquire, develop and exploit oil and gas reserves, as well
as explore new findings. The Group is today one of the largest oil producers in
Tunisia. The Group is also the owner of interests in twelve licenses on the
Norwegian continental shelf as well as in promising exploration areas in
Equatorial Guinea and the Republic of Congo (Brazzaville).
PA Resources AB's net sales amounted to SEK 843 million during 2006. The
company is listed on the SMB-list of the Oslo Stock Exchange and on the OMX
Nordic Exchange in Stockholm. For additional information, please visit
www.paresources.se.
