The oil and gas group PA Resources farms out a 48 percent in Seaward
Licence P1529 in the UK Southern North Sea to Venture North Sea Gas
Limited.
PA Resources UK Limited, a wholly-owned subsidiary in the PA
Resources Group, has signed an agreement to farm out a part interest
in Licence P1529 covering offshore Blocks 43/9, 43/10 and 44/6 in the
UK Southern North Sea. Earlier this year, PA Resources increased its
interest in the licence from 40 to 80 percent when a joint venture
partner elected to withdraw.
Venture North Sea Gas Limited (Venture), a wholly owned subsidiary of
Venture Production plc, will acquire a 48 percent working interest in
the licence from PA Resources UK Limited and 12 percent working
interest from PA Resources' partner, Spyker Energy SAS. PA Resources
will retain 32 percent and Spyker 8 percent in the licence.
Under the terms of the farmout agreement, Venture will pay 100
percent of the costs of a 3D seismic survey over the Kennett lead to
be operated by PA Resources with start in September 2009. After the
survey is fully completed, PA Resources will transfer the
operatorship to Venture.
The transaction is subject to approval of the Secretary of State for
Energy and Climate Change in United Kingdom.
Ulrik Jansson, President and CEO at PA Resources AB, comments "We are
pleased to have signed this farmout agreement and that we are being
joined by Venture, who are an active and successful operator in the
Southern North Sea. We look forward to progressing the exploration of
the Kennett lead".
Stockholm, 24 August 2009
PA Resources AB (publ)
For additional information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Telephone: +46 70 751 41 84, +46 8 21 83 82
E-mail: info@paresources.se
or
Graham Goffey
Managing Director, PA Resources UK
Telephone: +44 (0) 203 322 0100
E-mail: ggoffey@paresources.uk.com
PA Resources AB (publ) is an international oil and gas group with the
business strategy to acquire, develop, exploit and divest oil and gas
reserves, as well as explore new findings. The Group operates in
Tunisia, United Kingdom, Denmark, Greenland, 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' net sales amounted to SEK 2,420 Million during 2008.
The company is primary listed on the Oslo Stock Exchange in Norway
(segment OB Match) and secondary listed on the NASDAQ OMX Nordic
Exchange in Stockholm, Sweden (segment Mid Cap). For additional
information, please visit www.paresources.se.
