PA Resources announces first production at Azurite field
The initial oil production has commenced at the Azurite field in the Mer Profond Sud (MPS) block, in territorial water (Atlantic Ocean), offshore Republic of Congo (Brazzaville). The oil and gas group PA Resources holds a 35 percent interest in the field.
The Azurite development is located in about 4,500 feet of water and utilizes the industry's first Floating Production Storage and Offloading facility with drilling capability (FDPSO). The FDPSO has storage capacity of 1.3 million barrels of oil and the capability to process 40,000 barrels of oil per day and is being used for drilling and completing the production and injection wells.
- The Azurite project marks an innovative approach to deepwater development. Production from the field will continue to ramp up for the remainder of the year as additional wells are brought on stream. This is an important milestone for us adding significant production from a second region, says Ulrik Jansson, President and CEO at PA Resources.
Murphy Oil Corporation serves as operator and has a 50 % working interest in the Azurite field and the MPS block. Partners are PA Resources (35 %) and Societe Nationale Petroles du Congo (15 %).
Stockholm, 10 August 2009
PA Resources AB (publ)
For additional information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Telephone: +46 8 21 83 82, +46 70 751 41 84
E-mail: info@paresources.se
or
Bo Askvik
CFO, PA Resources AB
Telephone: +46 8 21 83 82, +46 70 819 59 18
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 today one of the largest oil producers in Tunisia. The parent company is located in Stockholm, Sweden.
PA Resources' net sales amounted to SEK 2,420 Million during 2008. The company is primary listed on the Oslo Stock Exchange in Norway (segment OB Match) and secondary listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid Cap). For additional information, please visit www.paresources.se.