Carla South sidetrack finds oil in Block I, Equatorial Guinea
The Carla South I-7 ST-1 sidetrack to the I-7 exploration well in Block I has encountered oil in good quality sandstones. The sidetrack in Block I in Equatorial Guinea has reached a total measured depth of 3,460m. Drill cuttings, wireline log data and downhole measurements indicate that the sidetrack encountered an aggregate of approximately 9-11m of net oil pay in good quality sandstones at several levels. The well is now being plugged and abandoned. PA Resources holds a 5.7% interest in Block I.
PA Resources CEO, Dr. Phillipe Probst, commented: “The initial Carla South discovery which was announced on 2nd May 2013 extended the proven Carla trend from Block O into Block I. This deliberate sidetrack to that discovery has proven additional oil pay at several levels on the Carla trend. It is encouraging to have encountered oil pay but further analysis of the data will be required to assess the implications of these results and the way forward. The 2013 drilling programme in Block I will continue with an appraisal well and long term test on the Diega field later in 2013”.
Stockholm, 20 May 2013
PA Resources AB (publ)
For queries, please contact:
Graham Goffey, Managing Director, PA Resources North Sea and West Africa
+44 203 322 0100
or
Tomas Hedström, CFO, PA Resources
+46 70 653 41 08
PA Resources AB (publ) conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 2,184 million in 2012. The company is listed on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit www.paresources.se.
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 10.30 a.m. CET on 20 May 2013.
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