The Alen field in Equatorial Guinea commences production
PA Resources advises the commencement of production from the Alen field in Equatorial Guinea where the company holds a 0.285% unitised interest.
PA Resources holds a 0.285% unitised interest in the Alen gas/condensate field in Equatorial Guinea through its 5.7% interest in Block I which contains 5% of the field, with the remaining 95% lying in Block O. The field has been developed by a consortium comprising of the Block O and I partners and is operated by Noble Energy EG Limited.
Produced gas and condensate volumes have increased over recent weeks as commissioning of wells and facilities continues towards full operations later in Q3. Whilst the Alen field will only contribute at modest production levels net to PA Resources, Alen utilises the Aseng FPSO for condensate storage and the sharing of facilities and costs with the Aseng field is expected to reduce the operating costs attributable to Aseng by gross USD 50-60 million per year. For PA Resources this means a reduction in Aseng operating costs in excess of USD 3 million on an annual basis.
The Alen Field development project has been delivered ahead of schedule and slightly below the sanctioned cost of USD $1,370 mm (PA Resources share approximately USD 4.1 million).
Graham Goffey, Managing Director for North Sea and West Africa, commented: “We are pleased to see our second Block I field development commence production and we now look forward to the results from the ongoing Diega appraisal programme, which is proceeding according to plan”.
Stockholm, 25 July 2013
PA Resources AB (publ)
For queries, please contact:
Graham Goffey, Managing Director, PA Resources North Sea and West Africa
+44 203 322 0100
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, 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’s share 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 08.30 a.m. CET on 25 July 2013.
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