PA RESOURCES: SPUD OF EXPLORATION WELL ON VOLVE SOUTH
The drilling of an exploration well on the Volve South prospect located in the licenses PL 046BS/PL046B in Norway has commenced. Results from the drilling are expected by year end. The oil and gas group PA Resources has a 10 percent working interest in the license.
The operator of PL046BS, StatoilHydro, has spudded the exploration well 15/9-F-15 S on the Volve South prospect from the combined drilling and production platform Mærsk Inspirer at the Volve field on the Norwegian continental shelf. The Volve South prospect is a down faulted structural closure in the Hugin Formation located approximately two kilometres south of Mærsk Inspirer. The exploration well will be drilled as a deviated well, and the plan is to re-use the top hole section of the well for a Volve production well scheduled for next year. The planned total depth of the exploration well is approximately 3,100 meters. Results from the drilling are expected by year end.
- This is the first exploration well to be drilled as part of the ongoing drilling program in the Volve field and the surrounding area. The Volve South prospect is one of three possible prospects to be explored around the main Volve field with potential upside resources, says Ulrik Jansson, President and CEO at PA Resources.
PA Resources has a 10 percent working interest in the PL 046BS license. Operator is StatoilHydro (59.6%) and the other partner is ExxonMobil Exploration and Production Norway (30.4%).
Oslo/Stockholm, October 7, 2008
PA Resources AB (publ)
For more information, please contact:
Ulrik Jansson
President and CEO
PA Resources AB
Mobile: +46 70 751 41 84
E-mail: info@paresources.se
or
Trond Bjerkan
Managing Director
PA Resources Norway AS
Telephone: +47 21 09 71 10
Mobile: +47 900 55 921
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 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.
