PA Resources announces successful long term drill stem test at Diega I-8ST well in Equatorial Guinea

        Print
| Source: PA Resources
Submission of Diega plan of development is expected in 2014.
The long term drill stem test on the Diega accumulation in Block I, Equatorial
Guinea (PA Resources 5.7%) is now complete and the Atwood Hunter rig has been
released. An initial pilot well, I-8, encountered 12 m vertical thickness of
good quality oil pay with no water and so established the deepest known oil on
the Diega accumulation. Subsequently the planned horizontal sidetrack I-8ST
drilled some 400m of oil pay of similarly good quality and was tested for one
month at constrained rates up to approximately 7,300 barrels of oil per day.

The well has been suspended for re-use as a future production well. The test
confirmed lateral reservoir continuity and absence of reservoir
compartmentalisation and will permit the submission in 2014 of a plan of
development for Diega as a subsea tieback to the Aseng FPSO, targeting first oil
in 2016.

Mark McAllister, PA Resources’ CEO comments: “This is an excellent result in
every respect; well productivity, reservoir quality, field continuity and the
size of the accumulation. We indicated in 2013 that we expected a near term
field development in Block I, conservatively of the order of 30 million barrels.
However initial interpretation of these well results is consistent with our
expectations of significantly larger reserves and further Diega drilling is
likely in Block I, where the down-dip limit of the field has yet to be
established. An early Diega development is facilitated by the existing
infrastructure in Block I, and we expect that any development will be expandable
to accommodate additional reserves identified during further appraisal
drilling”.

Stockholm, 8 January 2014
PA Resources AB (publ)

For queries, please contact:
Mark McAllister, President & CEO
+44 203 322 0182

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, Netherlands and Germany. PA Resources is producing oil in West
Africa and North Africa. The parent company is located in Stockholm, Sweden. PA
Resources’ net sales amounted to SEK 2,184 million in 2012. The share is listed
on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit
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 08.30 a.m. CET on 8 January 2014.