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Production- and Sales Report for Q1, 2010

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This is a preliminary report on PA Resources' total group production and sales of crude oil during the first quarter 2010. Final figures will be reported in the coming quarterly financial report.

Production of crude oil

  • Total oil production: 886,000 barrels
  • Average oil production per day: 10,200 barrels per day
  • Accumulated oil production January - March 2010: 886,000 barrels
  • Oil sales (excl. royalty):  739 000 barrels
  • Average sales price: 71 USD per barrel

Comments

  • PA Resources' production in the first quarter 2010 is comprised of 5,750 barrels per day at the six Tunisian fields and 4,450 barrels per day at the Azurite field in the Republic of Congo.

  • The Didon field in Tunisia has in main produced from three of the five wells on the field during the first quarter, as two production wells have been shut in part of the period to increase the pressure in the reservoir. PA Resources is operator of the field.

  • The El Bibane field in Tunisia has been shut in part of the period and the Ezzaouia field in Tunisia have had lower production than expected. The operator of these two fields - Candax Ecumed - is taking action to increase the production at the fields. For more information please refer to the press release issued 16 March 2010 at www.candax.com.

  • The Azurite field in the Republic of Congo is undergoing continued development:
    - The first production well (P1) is in operation since 9 August, 2009, and has to date produced a total of 3.1 million barrels of oil.
    - In connection with the completion of the second production well (P2) the operator Murphy experienced technical complications with the well completion, which have resulted in lower production than planned from the well. The well will produce at the lower production level while the operator assesses the need and risks associated with a possible correction.
    - Production well P3 is now being completed and is scheduled to be taken into production by the end of April, beginning of May.
    - The next well to be drilled and completed after P3 will be the injection well I2. The injection well I1 has been in operation since mid-December 2009 with a daily injection of about 20,500 barrels of water.
    - An additional three production wells and two injection wells will be drilled and completed in 2010.
     
  • The initial technical problems encountered in operations will not affect the final production capacity of the Azurite field nor the total recoverable reserves. The technical problems with the second production well at the field caused delays to the planned production rate, of which 14 000 barrels per day net to PA Resources, that is now expected to be achieved in the third quarter of 2010.

Stockholm, 13 April 2010
PA Resources AB (publ)


For additional information, please contact:

Ulrik Jansson 
President and CEO, PA Resources AB 
Telephone: +46 70 751 41 84, +46 8 21 83 82 
E-mail: info@paresources.se

or

Bo Askvik
Executive Vice President and CFO, PA Resources AB
Telephone: +46 70 819 59 18, +46 8 21 83 82


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.

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