PA Resources awarded German offshore licence
PA Resources announces the award of German offshore licence adjacent to its Danish Licence 12/06. Two wells will be drilled on the Danish licence in 2011.
The State Office for Mining, Energy and Geology of Schleswig-Holstein has awarded PA Resources UK Limited the German offshore Licence B20008-73 with 100% working interest and operatorship. This licence, which will be effective 1st January 2011, lies in the so-called "duck's bill" or 'entenschnabel' area of the German North Sea, between Denmark and the Netherlands.
In the first half 2011 PA Resources will be drilling two wells in the Danish Licence 12/06 (PA Resources 64%, operator), immediately adjacent to this new licence award and with similar exploration objectives to potential targets in the new award. These two wells will form important, modern data points to allow an up to date evaluation of the prospectivity of the German Licence.
Bo Askvik, President and CEO of PA Resources, commented: "This is a logical, low cost add-on to our Danish position and offers upside potential in the event of success in our 2011 Danish drilling campaign. Our focus is on exploring the basin rather than being limited by national boundaries and this award complements and builds upon our Danish position".
Stockholm, 3 January 2011
PA Resources AB (publ)
For more information, please contact:
Bo Askvik
President and CEO, PA Resources AB
Telephone: +46 708 19 59 18
E-mail: ir@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.
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 CET on 3 January, 2011.