Update on activities in Block H in Equatorial Guinea
The oil company White Rose Energy has announced a farm-in to Block H in
Equatorial Guinea, which contributes to an advancement of the
exploration activities in the block. An exploration well is going to be
drilled in 2012. PA Resources is one of the partners in Block H.
The oil and gas company PA Resources notes the press release issued by
White Rose Energy Ventures regarding its farm-in to Block H in
Equatorial Guinea. White Rose is acquiring an aggregate interest of
48.75% from Atlas Petroleum International and ROC Oil (Equatorial
Guinea) Company and becomes technical manager of activities on the
block.
Exploration activities at Block H are now advancing. The current period
of the production sharing contract has been extended to February 2013
and an exploration well is scheduled to be drilled in 2012. Block H
contains several prospects and leads, including the Aleta prospect,
planned for drilling.
The interests of the partners following the farm-in are shown below
(percentages in brackets are the adjusted participating interests
reflecting the right of GEPetrol to assume a 5% interest):
· White Rose Energy Ventures 48.75% (46.3125%)
· Atlas Petroleum International 25.00% (23.75%)
· Roc Oil (Equatorial Guinea) Company 20.00% (19.00%)
· PA Resources (through Osborne Resources Limited) 6.25% (5.9375%)
Stockholm, 3 October, 2011
PA Resources AB (publ)
For further information, please contact:
Bo Askvik
President and CEO
PA Resources AB
Mobile: +46 70 819 59 18
E-mail: info@paresources.se
PA Resources AB (publ) is an international oil and gas group which
conducts exploration, development and production of oil and gas assets.
The Group operates in Tunisia, Republic of Congo (Brazzaville),
Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and
Germany. PA Resources is one of the larger oil producers in Tunisia and
is also producing oil in the Republic of Congo. The parent company is
located in Stockholm, Sweden.
PA Resources' net sales amounted to SEK 2,227 million during 2010. The
company is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden
(segment Mid Cap). For additional information, see www.paresources.se
The above information has been made public in accordance with the
Securities Market Act and/or the Financial Instruments Trading Act. The
information was published at 10.30 CET on 3 October 2011.
