PA Resources awarded new licence in the Netherlands
PA Resources has been awarded an additional exploration licence onshore Netherlands. PA Resources will hold a 50 percent interest in the new licence which expands the Group's acreage position in the Netherlands.
PA Resources announces that it, together with its partner Smart Energy Solutions B.V. (SES), has been awarded the Schagen licence in the Netherlands. Each party will hold a 50 percent interest and SES will act as operator for the licence. Schagen is an onshore exploration licence which extends a short distance into Dutch territorial water and covers a total area of 355.5 square kilometres. The licence is effective from 19th June 2009. The licence has a 4 year duration and existing 3D seismic survey coverage and the commitment is to drill a single exploration well.
In 2008 PA Resources was awarded shares in two exploration licences, firstly in Block Q7 and subsequently in Block Q10a. Block Q7 contains an earlier gas discovery and a number of other interesting prospects. PA Resources holds 30 percent interest in both licences.
-We are very pleased to have been awarded this new licence which together with our previous two licences has significant potential and we look forward to progressing the exploration activities, comments Ulrik Jansson,
President and CEO at PA Resources AB.
President and CEO at PA Resources AB.
Stockholm, 7 July 2009
PA Resources AB (publ)
For additional information, please contact:
Ulrik Jansson, President and CEO
Telephone: +46 70 751 41 84, +46 8 21 83 82
E-mail: ir@paresources.se
or
Graham Goffey, Managing Director PA Resources UK
Telephone: +44 (0) 203 322 0100
E-mail: ggoffey@paresources.uk.com
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.