PA RESOURCES: SPUD OF WELL ON BLOCK I IN EQUATORIAL GUINEA
The drilling of an appraisal well has commenced on the Benita discovery located in Block I in Equatorial Guinea. Results from the drilling are expected to be available in the late second or early third quarter 2008. The oil and gas group PA Resources has a 6 percent working interest in the license.
The technical operator Noble Energy has spudded the appraisal well I-5 on Block I with the drilling rig Sedco 700. The well will appraise the extent of the oil and gas discovery made by the wells I-1 and I-2 earlier drilled on the Benita structure.
This is the first well that is being drilled by the Sedco 700 as part of a two well program in Block I during the second quarter of 2008.
PA Resources has a 6 percent working interest in Block I, through its fully owned subsidiary Osborne Resources. Operator is Noble Energy (40 percent) and the other partners are Atlas Petroleum International (29 percent) and Glencore (25 percent).
Stockholm/Oslo, April 18, 2008
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 and
President, PA Resources Norway AS
Telephone: +47 21 097110
E-mail: info@paresources.no
PA Resources AB (publ) is a fast growing oil and gas group with the business strategy to acquire, develop and exploit oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, Norway, Great Britain, Denmark, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville). PA Resources is today one of the largest oil producers in Tunisia. The parent company is located in Stockholm, Sweden.
PA Resources AB's net sales amounted to approximately SEK 2,751 Million during 2007. The company is primary listed on the Oslo Stock Exchange in Norway (segment OB Match) and secondary listed on the OMX Nordic Exchange in Stockholm, Sweden (segment MidCap). For additional information, please visit www.paresources.se.
