PRESS RELEASE AUGUST 13, 2008
Production- and Sales Report July, 2008
This report summarizes production and sales of crude oil and gas in the PA
Resources Group in Tunisia and Norway during the month of July 2008.
Total production
Total oil and gas production in the Group during July 2008 476,119 BOE
Crude oil
Average oil production per day during July 2008: 15,359 barrels per day
Accumulated oil production January to July 2008: 2,734,385 BOE
Total oil production during July 2008: 476,119 BOE
Oil sales during July 2008: 455,821 BOE
- Here of export sales 455,821 BOE
- Here of local sales 0 BOE
Average sales price during July 2008: 124.85 USD per barrel
Gas
Total gas production during July 2008 0 BOE
Comments
The average sales price was a record high of 124.85 USD per barrel during the
month of July.
The new well Didon-7 at the Didon field in Tunisia has been producing since
June. The well proved more oil than expected in this area of the field and had
excellent test results, but has been choked back for reservoir management
reasons in order to maximize oil recovery for a longer period.
The well Didon-5 has now been put back into production. The well was shut in
prior to start-up of the well Didon-7. The purpose with the shut in was to
install new cooling equipment. The production was planned to start again in
June, but was delayed due to late completion of installation work. Production
from Didon-5 and Didon-7 will now be monitored to optimize combined production.
The production on the Didon field has also been affected by the ongoing drilling
at the Didon platform. The production well Didon-9 is now being drilled. More
information will be published as soon as results are available.
The hook-up of the production well EBB-3 in the El Bibane field offshore Tunisia
has been completed and test production of oil commenced in the End of July.
Further announcements on production rates will be made once stabilized
production is achieved.
The oil production at the Volve field in Norway has increased. A new production
well has been put into production. The ongoing drilling program will increase
the production further.
Production of oil comes from seven fields in two geographical areas; Tunisia and
Norway.
Explanations
BOE = barrels of oil equivalents
Oslo/Stockholm, August 13, 2008
PA Resources AB (publ)
For more information, please contact:
Trond Bjerkan
Vice President, PA Resources AB
Telephone: +47 21 56 76 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 approximately 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 OMX Nordic Exchange in Stockholm,
Sweden (segment Large Cap). For additional information, please visit
www.paresources.se.
