PA RESOURCES: PA RESOURCES AWARDED LARGE LICENSE ON GREENLAND
PA Resources has been awarded shares in an exploration license in Block 8 offshore Western Greenland. The Group hereby expands its operations into a new area with great potential.
The oil- and gas group PA Resources has been awarded shares in a license for exploration of oil and gas in Western Greenland by the Greenlandic self-governing authorities and the Danish Government. The awarded area, West Disko Block 8, is situated offshore in the Disko-Nuussuaq region in Western Greenland and covers an area of approximately 11,100 km2. PA Resources' license share amounts to 87.5 percent and the group is operator of the license. Greenland's public oil company Nunaoil A/S has been awarded the remaining 12.5 percent of the license. Nunaoil was established in 1985 and owns shares in all exploration licenses on Greenland.
This license award means that PA Resources expands its operations into one of the largest areas in the world that still remain to be explored for oil and gas.
- The license in Block 8 represents a great possibility for us. PA Resources expands its exploration activities into a new, exciting area with a very high potential, says Ulrik Jansson, President and CEO at PA Resources AB.
Geological data from the area show that the bedrock in the area is very favourable for the presence of oil and gas. West Disko Block 8 is situated close to an area with natural oil seeps to the surface. Recent evaluation of seismic data, in combination with magnetic and gravity data, indicate the presence of deep basins with some giant structures in the region, which is considered very promising with regard to generation, migration and trapping of hydrocarbons.
PA Resources and its partner Nunaoil will now begin an extensive work program in the Disko West area, where the companies will assemble 4,000 kilometres of two-dimensional seismic data, potentially followed by three-dimensional seismic data as well as other geophysical data during the initial period. After this the two companies will decide on how to continue with exploration drillings in the area.
Greenland's unique nature will put high demands on the operations.
- Exploration and eventually production from this area must be carried out with outmost focus on the environment and safety to ensure that no harm is done to nature, animals or people, says Ulrik Jansson, President and CEO at PA Resources AB.
Stockholm, May 26, 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
Thomas Tygesen
Vice President Geology & Geophysics, PA Resources AB
Telephone: +47 957 44 360
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, Greenland, 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 2,794 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.
