Oil discovery at Jenein Centre in Tunisia

A potential oil discovery has been made at the Jenein Centre permit in Tunisia. The exploration well has encountered over 45 meter of reservoir quality sands that has been interpreted as hydrocarbon bearing. The oil and gas company PA Resources has a 35 percent working interest in the permit.

The operator Chinook Energy has completed the drilling of an exploration well at the Jenein Centre permit onshore southern Tunisia. The well has reached a total depth of 4,334 meters and has been cased as a potential oil discovery in the Acacus structure. The well encountered over 45 meter of reservoir quality sands that has been interpreted as hydrocarbon bearing from open hole log evaluation and modular dynamic test results.

The completion operation will begin in early September and well test results are expected in the beginning of October, 2010. If successful, a plan of development will be submitted to the Tunisian authorities.

- This is a very promising discovery. We are now awaiting the results from the production test and hopefully we will be able to put the well in production during the first part of 2011, says Bo Askvik, President and CEO at PA Resources AB.

PA Resources has a working interest of 35 percent in Jenein Centre and the operator Chinook Energy (former Storm Ventures International) has a 65 percent working interest.

Stockholm 19 August, 2010
PA Resources AB (publ) 

For additional information, please contact:
Bo Askvik
President and CEO
PA Resources AB
Phone: +46 (0)708 19 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, United Kingdom, Denmark, Greenland, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville). 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 2,113 million during 2009. The company is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid Cap) and on the Oslo Stock Exchange in Norway (segment OB Match). For additional information, please visit www.paresources.se.