PA RESOURCES: PA RESOURCES FARM-IN TO TUNISIAN EXPLORATION LICENCE
The oil and gas Group PA Resources has farmed-in to a 35 percent working interest in the onshore exploration permit Jenein Centre in southern Tunisia under an agreement with the Canadian oil and gas company Storm Ventures International Inc.
The permit Jenein Centre is an approximately 243 km2 onshore block situated within the Ghadames Basin in Southern Tunisia. The Ghadames Basin stretches from Algeria, across southern Tunisia into Libya and is a very prospective area with several discoveries and producing fields.
The permit was awarded to Storm Ventures International in March, 2007. The work commitment consists on shooting 3D seismic in 2008 and drilling one exploration well during 2009. So far, 250 km2 of 3D seismic has been shot and processed by the operator. The seismic shows a number of prospects and leads with expected un-risked prospective resources ranging from 5 to 30 million barrels of oil.
According to the farm-in agreement, PA Resources will pay 70 percent of the cost for the acquired 3D-seismic as well as 70 percent of the cost for the first well to earn 35 percent interest in the licence.
- Jenein Centre is situated onshore in a very prospective area, where several discoveries have been made by OMV, Pioneer and ENI during the recent years. This licence fits well into our Tunisian portfolio and will most certainly contribute to our future production, says Ulrik Jansson, President and CEO of PA Resources AB.
Operator for the permit is Storm Ventures International Inc. with a working interest of 65 percent and partner is PA Resources' Tunisian subsidiary PA Resources Tunisia with a 35 percent working interest. The farm-in is subject to normal regulatory approvals by the Tunisian authorities.
Stockholm, August 15, 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
or
Trond Bjerkan
Executive 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.
