PA Resources is pleased to announce that it has submitted an updated Zarat Field
Plan of Development to the Tunisian authorities. This Plan of Development is a
technically and commercially robust plan which has been constructed by the Zarat
Field joint development team; an integrated team comprising of staff from both
PA Resources and the state oil company, ETAP (L’Entreprise Tunisienne
d’Activités Pétrolières).
The Zarat Field is a large, shallow-water, gas-condensate and oil field
containing estimated recoverable reserves of 147 mmboe. It is Tunisia’s largest
undeveloped field and production from Zarat Field will be critical in
alleviating a forecast future gas supply deficit in Tunisia. Zarat Field is
geologically similar to PA Resources’ nearby Didon Field and to other producing
fields such as Ashtart and Hasdrubal fields in Tunisia and the giant El Bouri
and Al Jurf fields in Libya.
The Zarat Field extends across two license tracts; the Zarat license to the
south and the Joint Oil block to the north. The parties in the Zarat license are
PA Resources Tunisia as operator and ETAP. ETAP has the option to back-in to the
southern tract for up to a 55% working interest, in which scenario PA Resources
would retain 45%, and a decision on this back-in option follows shortly after
acceptance of the Plan of Development. The northern tract is held by Joint Oil,
which was formed as a joint entity between ETAP (Tunisia) and the National Oil
Company (Libya).
The proposed development is in two phases, with Phase 1 comprising four
production wells and production facilities to process and export 20,000 bbls/d
of oil and 100 mmscfg/d of raw gas. Phase 2 comprises a further four
development wells, with expanded facilities to increase capacity to 40,000
bbls/d and 200 mmscf/d of raw gas. First oil would be expected in 2020. The Plan
of Development makes full use of existing Gulf of Gabes infrastructure for the
reinjection of CO2, the export of sales gas to shore, onshore gas processing and
extraction of the LPG stream. The Zarat facilities also have the potential to
act as a hub to facilitate development of nearby stranded oil and gas fields in
the eastern Gulf of Gabes, such as PA Resources’ Elyssa gas field.
Following acceptance of the Zarat Field Plan of Development by the Tunisian
authorities, the project will enter a front-end engineering design phase with
project sanction during 2017.
PA Resources CEO, Mark McAllister commented: “We are delighted to have reached
this milestone on the Zarat Field. The Plan of Development is the result of
dedicated work and close collaboration between PA Resources and ETAP, which has
achieved total alignment on the optimum approach to maximise resource recovery
and value from the Zarat Field. The phased approach to development allows
reduced capital outlay to achieve commercial production from what is a most
important field development for Tunisia”.
Stockholm 28 July, 2015
PA Resources AB (publ)
For additional information, please contact:
Mark McAllister, President & Chief Executive Officer
Phone: +44 203 322 0100
E-mail: ir@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), United Kingdom, Denmark,
Netherlands and Germany. PA Resources has oil production in Tunisia. The parent
company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK
603 million in 2014. 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 CET 28 July 2015.
