PA Resources announces approval of Mer Profonde Sud farm-out in Congo
ET | Source:PA Resources
The assignment of a 60 percent working interest in the Mer Profond Sud
exploration area to SOCO, announced on 4 November 2013, has now received
governmental approval, subject to regulatory approval to enter into the third
and final period of the licence. Subsequent to obtaining the necessary
approvals, the partners would look to drill an exploration well by early 2015.
Upon completion of the transaction, PA Resources will retain a 25 percent
working interest in the licence, whilst the Congolese state oil company, SNPC,
will retain its current 15 percent interest.
Stockholm, 5 March 2014
PA Resources AB (publ)
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Ingrid Östhols, Head of Corporate Communications & IR
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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 1,312 million in 2013. The share is listed
on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit
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 5 March 2014.
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