PA RESOURCES: PA RESOURCES EXPANDS INTO THE NETHERLANDS
The oil- and gas group PA Resources has been awarded shares in an exploration license in Block Q/7 offshore the Netherlands.
PA Resources AB' wholly owned UK subsidiary Scotsdale Petroleum has been awarded an exploration licence offshore the Netherlands. The company will hold a 50 percent working interest in Block Q/7. Smart Energy Solutions owns the remaining 50 percent, and is the operator of the license.
- This award represents PA Resources' first venture in the Netherlands, an area which has a significant remaining potential, and where we intend to continue to evaluate new opportunities, says Ulrik Jansson, President and CEO at PA Resources.
Block Q/7, which covers approximately 400 square kilometres, includes the Q/7-1 gas discovery, which is estimated to contain between 20 and 40 billion cubic feet of recoverable gas (equivalent to 3.5 - 7.0 million barrels of oil equivalents). The well was drilled by NAM in 1973. It tested 11.5 million cubic standard feet per day (equivalent to 2,000 barrels of oil equivalents) from a 155 feet (35 meters) interval in the Lower Zechstein carbonate sequence. The gas tested from the Zechstein is of high quality, containing only small amounts of inert gas and no hydrogen sulphide. Gas was also encountered in the underlying Rotliegend sand formation.
In addition to the gas accumulation in the block, a number of undrilled leads at potential reservoir horizons have been mapped, and will be further evaluated. The work programme for the near future includes reprocessing of the existing seismic data base and remapping of the acreage.
Smart Energy Solutions BV is a company registered in Amsterdam in the Netherlands, with its main office in The Coengebouw. Its objectives are to acquire and develop small to medium size oil and gas fields, using state-of-the-art technology in combination with decentralised electricity production and using the power matching principle. Moreover SES is specialised in CNG production (compressed natural gas).
Stockholm, February 1, 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
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, 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.
