Production- and Sales Report for Q3, 2010
This is a preliminary report on PA Resources group production and sales of crude oil during the third quarter 2010. Final figures will be reported in the coming quarterly financial report.
Working Interest Production of crude oil
* Total oil production: 969,700 barrels
* Average oil production per day: 10,500 barrels per day
* Accumulated oil production January - September 2010: 2,802,900 barrels
* Oil sales (excl. royalty): 634,800 barrels
* Average sales price: 72 USD per barrel
Comments
* PA Resources' average production increased in the third quarter to 10,500 barrels per day compared to 10,400 barrels per day in the second quarter 2010.
* The production comprised of 4,600 barrels per day at the six Tunisian oil fields and 5,900 barrels per day at the Azurite field in the Republic of Congo in the third quarter.
* The fourth production well at the Azurite field in the Republic of Congo has been completed and was brought into production on 4th of October, after the end of the quarter. The well increases the production levels on the field markedly and the levels will increase further when the remaining wells are brought into operation. PA Resources' share of the average production at Azurite field is over 9,500 barrels per day at the date of this press release. Two additional production wells and two water injection wells will be drilled on the field.
* Oil sales have increased compared to the second quarter 2010 due to a lifting of oil at the Azurite field in the end of September.
Stockholm, 8 October 2010
PA Resources AB (publ)
For additional information, please contact:
Bo Askvik
President and CEO
PA Resources AB
Telephone: +46 70 819 59 18, +46 8 21 83 82
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