PRESS RELEASE JULY 31, 2008 (This press release was issued on July the 31th 2008, but because of technical problems it was published on this website at a later date) New production wells on the El Bibane and Ezzaouia fields The hook-up of the production well EBB-3 in the El Bibane field offshore Tunisia has been completed and test production of oil has commenced. On the Ezzaouia field, the drilling of the production well Ezzaouia-17 has been completed. The oil- and gas group PA Resources has 25 percent participating interest in El Bibane and 13.6 percent interest in Ezzaouia. El Bibane The operator Candax Energy Inc. has today announced the completion of the hook-up of EBB-3 - the third and final of the three development wells in the El Bibane field offshore Tunisia. The completion was delayed, as commissioning of the gas compressors took longer than anticipated. EBB-3 has been on test production since late last week under natural flow. Production is not yet stabilized as the oil production rates are increasing as the well continues to clean up; the latest oil production from the well is over 1,000 barrels of oil per day. The oil production also includes significantly higher levels of condensate which has been separately tested at approximately 70 barrels per million cubic feet of gas, which is almost double the ratio anticipated. Further announcements on production rates will be made once stabilized production is achieved according to the operator. - The hook-up of the well EBB-3 is an important step in the development of the El Bibane field as all new production facilities has been put into operation and the work can now be concentrated on optimizing the production, says Ulrik Jansson, President and CEO of PA Resources. PA Resources has a 25 percent participating interest in the El Bibane license. The operator Candax Energy has a 75 percent participating interest. Ezzaouia On the Ezzaouia field onshore Tunisia, the production well Ezzaouia-17 well has been successfully drilled and is currently being completed. Temporary testing and production equipment to enable fast track production has been mobilized by the operator. The Ezzaouia-17 well encountered all of the producing Jurassic zones, in the main Ezzaouia field, and all of which were interpreted as oil bearing. Net pay of approximately 20 metres was identified, with characteristics similar to previous wells drilled at the Ezzaouia field. - The new oil from the El Bibane field and the Ezzaouia field, will contribute to a raised oil production for us in a time of high oil sales prices, which is good news, says Ulrik Jansson, President and CEO of PA Resources. PA Resources has a 13.6 percent participating interest in the Ezzaouia-license. Operator is ETAP (55 %) and the other partner is Candax Energy (31.4 %). Stockholm, July 31, 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 Executive Vice President, PA Resources AB Telephone: +47 21 56 76 10. E-mail: info@paresources.no PA Resources AB (publ) is an international 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 Large Cap). For additional information, please visit www.paresources.se.
New production wells on the El Bibane and Ezzaouia fields - This press release was issued on July the 31th 2008
| Source: PA Resources