PA RESOURCES: RESULT FROM THE VOLVE SOUTH EXPLORATION WELL IN NORWAY
The drilling of an exploration well on the Volve South prospect located in Norway has been finalised by the operator. No hydrocarbons were encountered. The oil and gas Group PA Resources has a 10 percent working interest in the license.
The drilling of the exploration well 15/9-F-15 S on the Volve South prospect in the licence PL 046 on the Norwegian continental shelf has now been finalised. The well was drilled into a reservoir section in the Hugin formation to the total depth of 4,090 meters. No hydrocarbons were encountered. The well will now be plugged and abandoned.
This is the first exploration well that has been drilled as part of the ongoing exploration drilling program in the Volve field and the surrounding area. The Volve South prospect was one of three possible prospects with potential upside resources to be explored around the main Volve field.
PA Resources Norway AS has a 10 percent working interest in the PL 046 license. Operator is StatoilHydro (59.6%) and the other partner is ExxonMobil Exploration and Production Norway (30.4%).
With reference to the press release announced on the 1 December 2008, PA Resources AB has signed a Share Purchase Agreement concerning the sale of the wholly owned subsidiary PA Resources Norway AS including all assets on the Norwegian continental shelf to Bayerngas Norge AS, a subsidiary of the German gas company Bayerngas GmbH. The licence PL 046 is included in the assets concerned. The Sale and Purchase agreement is subject to the necessary approvals by Norwegian authorities, and has an effective date of January 1, 2009.
Oslo/Stockholm, December 11, 2007
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
Executive Vice President
PA Resources AB
Telephone: +47 21 09 71 10.
E-mail: info@paresources.no
PA Resources AB (publ) is an international oil and gas group 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, Greenland, Great Britain, Denmark, 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 SEK 2,794 Million during 2007. The company is primary listed on the Oslo Stock Exchange in Norway (segment OB Match) and secondary listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Large Cap). For additional information, please visit www.paresources.se.
