PA Resources has been awarded a new licence in UK
The oil and gas group PA Resources has been awarded a new licence in the UK's 26th Licensing Round by the UK's Department of Energy and Climate Change.
The award, which is provisional pending documentation and execution of licence documents, covers Block 22/18b in the Central North Sea and has been awarded to PA Resources' subsidiary PA Resources UK Limited. PA Resources UK will operate the license, with 33.34% working interest. The partners are Valiant Exploration Limited and First Oil Expro Limited, with 33.33% working interest each.
The committed work programme involves reprocessing of existing 3D seismic data to assess an identified prospect, with an option to commit to drill an exploration well.
Bo Askvik, President and CEO of PA Resources, commented:
"We are pleased to have gained this licence award within our Central North Sea target area to complement our other North Sea positions".
Stockholm, 29 October 2010
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: 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.