PA RESOURCES: DRILLING OF SIDETRACK COMPLETED ON THE OSELVAR DISCOVERY
The drilling of a sidetrack to the appraisal well 1/3-10 on the Oselvar discovery in Norway has now been completed by the operator. A plan for the development and operation of Oselvar will be submitted to the Norwegian authorities during 2008. PA Resources has a 30 percent interest in the license.
The operator DONG E&P Norge has completed the drilling of a sidetrack to the appraisal well 1/3-10 at the Oselvar discovery at production license 274 (PL 274) in the southern part of the North Sea.
The drilling was carried out with the drilling facility Mærsk Guardian at a water depth of 72 meters. The well was drilled in order to investigate the underlying water zone and to improve delineation of the Oselvar discovery. The pressure was measured and water samples were acquired from the water zone below the already proven oil/condensate column. This work has now been accomplished and the data acquisition is finished.
The sidetrack was drilled totally 3 632 meters and is terminated in deposits of early Palaeocene age, in a position 680 meters southwest of the well 1/3-10. Preliminary calculations of the reservoir parameters in the sidetrack correspond with the results from the well 1/3-10, while the reservoir thickness penetrated was slightly less than anticipated.
The wells show that the size of the total discovery is approximately 2-6 million standard cubic meters (Sm3) producible oil/condensate and 2-4 billion Sm3 producible gas, which are equivalent to 12-38 million barrels of oil equivalents oil/condensate and 12-25 million barrels of oil equivalents gas.
The results from the wells are encouraging with respect to a future development of the Oselvar discovery. The operator and the partners in the license expect to submit a plan for development and operation of Oselvar during 2008.
The well will now be permanently plugged and abandoned. The drilling facility Mærsk Guardian is now ready for transfer to another operator, but will return later during 2008 to drill an exploration well on the Ipswich prospect, also located in 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, February 8, 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, the Netherlands, 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
