PA Resources AB: Production report for Quarter 1, 2011

 

PA Resources’ average production per day*

(Barrels per day)    Jan-March 2011
(Quarter 1)
        March 2011
West Africa 6,200 5,200
North Africa 3,500 2,800
Group total    9,700 8,000

* Production based on Working Interest, which is PA Resources’ share of the total gross production on the oil fields before deduction of royalty and other taxes. Production figures are preliminary.

n   Total oil production, Quarter 1, 2011:       873,400 barrels

n   Average sales price, Quarter 1, 2011:     94 USD per barrel

n   West Africa: Production at the Azurite Field in the Republic of Congo continues to be impacted by the ongoing drilling and completion work for the last injector and production well respectively. Production in April and May will be reduced as a result of one well being taken out of production, to be sidetracked to a new location as the final production well. Present production is in line with quarter 1 average.  

n   North Africa: Production at the Didon Field, located offshore Tunisia, was temporarily interrupted due to the aggravated situation in Libya. The restart of production on the remote-controlled platform was delayed due to bad weather combined with flight restrictions in the area. Production is now operating normally.  

Stockholm, 8 April 2 011
PA Resources AB (publ)

For additional information, please contact:
Bo Askvik
President and CEO, PA Resources AB                               
Telephone: +46 70 819 59 18
E-mail: info@paresources.se

 

PA Resources AB (publ) is an international oil and gas group with the business strategy to acquire, develop, exploit and divest oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is one of the largest oil producers in Tunisia and is also producing oil in the Republic of Congo. The parent company is located in Stockholm, Sweden.
PA Resources’ net sales amounted to SEK 2,227 million during 2010. The company is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid Cap). 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 08.45 CET on 8 April 2011.

About Us

PA Resources AB is an international oil and gas group which 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 2,154 million during 2011. The company is listed on the NASDAQ OMX in Stockholm, Sweden (segment Mid Cap).

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