The drilling of an appraisal well on the Oselvar discovery on the Norwegian
continental shelf has been completed by the operator. The well was tested and
the result confirms a reservoir thickness of about 50 metres with good
reservoir characteristics. PA Resources has a 30 percent interest in the
license.
The operator Dong E&P Norge AS has announced that they have completed the
drilling of the appraisal well 1/3-10 on the Oselvar discovery in the
production license 274 in Norway.
Oselvar is located in block 1/3, 20 kilometres west of the Gyda Field in
southern North Sea on the Norwegian Continental Shelf. The well 1/3-10 is an
appraisal well for gas and oil which was discovered in the Oselvar structure in
the 1990s in the Palaeocene Forties Formation. The objectives for the appraisal
well were to investigate reservoir deliverability and to collect fluid samples
for fluids characterisation.
The appraisal well was drilled with the Mærsk Guardian jack-up rig in 72 metres
of water, to a total depth of 3,288 metres. It was drilled down flank of the
initial discovery well. The well was stopped in sediments of Early Paleocene
age.
The collected data proved that the reservoir contains oil/condensate with
associated gas. The reservoir thickness of about 50 metres and the expected
good reservoir properties were confirmed. The production test confirms better
reservoir flow characteristics than what was expected in comparison to previous
wells on the Oselvar discovery. The well was tested and the flowing rate was
530 standard cubic metres (Sm3) oil per day with 252,000 Sm3 per day associated
gas and no water. This is equivalent to 3,333 barrels of oil per day and 1,587
barrels of oil equivalents gas per day.
The next step is now to drill a down flank side track, 1/3-10 A, to establish
the oil-water contact and for water sampling. After that, the appraisal well
will be plugged and abandoned.
- The result of the drilling is very satisfying and leads us closer to a
development of the Oselvar discovery, says Ulrik Jansson, President and CEO at
PA Resources AB.
During the summer of 2008, the rig Mærsk Guardian will drill an exploration
well at the Ipswich prospect, south of the Oselvar discovery, also in the PL
274.
The licensees in PL 274 are the operator DONG E&P Norge AS (40 percent), PA
Resources Norway AS (30 percent), NORECO (15 percent) and Revus Energy AS (15
percent).
Stockholm/Oslo, January 4, 2008
PA Resources AB (publ)
For more information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Telephone: +46 70 751 41 84
E-mail: info@paresources.se
or
Trond Bjerkan
Vice President, PA Resources AB and
President, PA Resources Norway AS
Telephone: +47 21 56 76 10
E-mail: info@paresources.no
PA Resources AB (publ) is a fast growing oil and gas group company with the
business strategy to acquire, develop and exploit oil and gas reserves, as well
as explore new findings. The Group operates in Tunisia, Norway, Great Britain,
Denmark, 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 AB's net sales amounted to approximately SEK 843 Million during
2006. The company is primary listed on the Oslo Stock Exchange in Norway
(segment OB Match) and secondary listed on the OMX Nordic Exchange in
Stockholm, Sweden (segment MidCap). For additional information, please visit
www.paresources.se.
