PA RESOURCES: NEW DISCOVERY IN EQUATORIAL GUINEA - SIGNIFICANT INCREASE OF RESOURCES

PA RESOURCES: NEW DISCOVERY IN EQUATORIAL GUINEA - SIGNIFICANT INCREASE OF RESOURCES
A new, significant discovery of condensate and natural gas has been made at the well “I-4” in Block I which is on trend with the Belinda discovery on Block O in Equatorial Guinea. This is the third discovery of hydrocarbons made in exploration wells drilled at Block I during 2007. The operator estimates that the resource range is 60 percent higher in the Belinda trend than initially estimated. PA Resources has a six percent working interest in the license.
The operator Noble Energy, Inc. has today announced a significant discovery of condensate and gas in Block I offshore Equatorial Guinea. The exploration well “I-4” has encountered a high quality Miocene reservoir that, when tested, yielded flow rates of 1,634 barrels per day of condensate and 28.9 million cubic feet per day of natural gas (equivalent to approximately 6,450 barrels of oil equivalent per day). The production rates were limited by test equipment. 

- The exploration drillings in Block I have once again proved to be a success. The well “I-4” was drilled on the same play concept as the previous three wells. All four wells have verified the presence of substantial hydrocarbons in the block. A total of three separate accumulations; Benita, Yolanda and now ”I-4” on the Belinda trend, have been found up to date. In the Belinda trend, the operator estimates that the resource range is 60 percent higher than initially estimated, says Ulrik Jansson, President and CEO at PA Resources AB.

The ”I-4” well, located in 678 meters of water and 11.2 kilometres southwest of the original Belinda discovery in Block O, was successfully drilled to its objective at a total depth of 2,963 meters. The well was the final of the six-well program drilled by the Songa Saturn drill ship on behalf of Noble Energy.  

The partners at Block I plan to carry out an active exploration and appraisal drilling program in 2008 as they assess the options to commercialize the discoveries. The next well, scheduled to spud in late February 2008 with the drill ship Sedco 700, will look to verify the oil resources down dip at the Benita discovery on Block I.

Noble Energy is the Technical Operator of Block I with a 40 percent working interest. Its partners on the block include Atlas Petroleum International Limited (29 %), who is the Administrative Operator, Glencore Exploration Limited (25 %) and Osborne Resources Limited, a company within the PA Resources Group (6 %). GEPetrol (the national oil company of Equatorial Guinea) will have a five percent carried interest once commerciality has been determined.  

Stockholm, January 14, 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		

Trond Bjerkan
Vice President, PA Resources AB
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.