This is a preliminary report on PA Resources' total group production and sales
of crude oil during the first quarter 2010. Final figures will be reported in
the coming quarterly financial report.
Production of crude oil
* Total oil production: 886,000 barrels
* Average oil production per day: 10,200 barrels per day
* Accumulated oil production January - March 2010: 886,000 barrels
* Oil sales (excl. royalty): 739 000 barrels
* Average sales price: 71 USD per barrel
Comments
* PA Resources' production in the first quarter 2010 is comprised of 5,750
barrels per day at the six Tunisian fields and 4,450 barrels per day at the
Azurite field in the Republic of Congo.
* The Didon field in Tunisia has in main produced from three of the five wells
on the field during the first quarter, as two production wells have been
shut in part of the period to increase the pressure in the reservoir. PA
Resources is operator of the field.
* The El Bibane field in Tunisia has been shut in part of the period and the
Ezzaouia field in Tunisia have had lower production than expected. The
operator of these two fields - Candax Ecumed - is taking action to increase
the production at the fields. For more information please refer to the press
release issued 16 March 2010 at www.candax.com <http://www.candax.com/>.
* The Azurite field in the Republic of Congo is undergoing continued
development:
- The first production well (P1) is in operation since 9 August, 2009, and
has to date produced a total of 3.1 million barrels of oil.
- In connection with the completion of the second production well (P2) the
operator Murphy experienced technical complications with the well
completion, which have resulted in lower production than planned from the
well. The well will produce at the lower production level while the operator
assesses the need and risks associated with a possible correction.
- Production well P3 is now being completed and is scheduled to be taken
into production by the end of April, beginning of May.
- The next well to be drilled and completed after P3 will be the injection
well I2. The injection well I1 has been in operation since mid-December
2009 with a daily injection of about 20,500 barrels of water.
- An additional three production wells and two injection wells will be
drilled and completed in 2010.
* The initial technical problems encountered in operations will not affect the
final production capacity of the Azurite field nor the total recoverable
reserves. The technical problems with the second production well at the
field caused delays to the planned production rate, of which 14 000 barrels
per day net to PA Resources, that is now expected to be achieved in the
third quarter of 2010.
Stockholm, 13 April 2010
PA Resources AB (publ)
For additional information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Telephone: +46 70 751 41 84, +46 8 21 83 82
E-mail:info@paresources.se <mailto:info@paresources.se>
or
Bo Askvik
Executive Vice President and CFO, PA Resources AB
Telephone: +46 70 819 59 18, +46 8 21 83 82
PA Resources AB (publ) is an international oil and gas group with the business
strategy to acquire, develop, exploit and divest oil and gas reserves, as well
as explore new findings. The Group operates in Tunisia, United Kingdom, Denmark,
Greenland, Netherlands, Equatorial Guinea and the Republic of Congo
(Brazzaville). PA Resources is one of the largest oil producers in Tunisia and
is also producing oil in the Republic of Congo. The parent company is located in
Stockholm, Sweden.
PA Resources' net sales amounted to SEK 2,113 million during 2009. The company
is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid
Cap) and on the Oslo Stock Exchange in Norway (segment OB Match). For additional
information, please visitwww.paresources.se <http://www.paresources.se/>.
[HUG#1403013]
