This is a preliminary report on PA Resources' total group production and sales
of crude oil during the second quarter 2010. Final figures will be reported in
the coming quarterly financial report.
Production of crude oil
* Total oil production: 950,000 barrels
* Â Average oil production per day: 10,400 barrels per day
* Accumulated oil production January - June Â 2010: 1,850,000 barrels
* Oil sales (excl. royalty): Â 805,100 barrels
* Average sales price: 78 USD per barrel
* PA Resources' production in the second quarter 2010 is comprised of 4,950
barrels per day at the six Tunisian oil fields and 5 450 barrels per day at
the Azurite field in the Republic of Congo.
* The Azurite field in the Republic of Congo has become the main producing
field for PA Resources. The field is under development. Until now three
production wells have been taken into operation, the first in August 2009
and additionally two during 2010:
- The second production well (P2) was taken into operation in mid February
2010 but is producing on a lower level than expected due to technical
complications which occurred at the completion of the well.
- The third production well (P3) is in operation since the latter part of
- A forth production well is planned to be taken into operation in September
- A second injection well (I2) has been drilled during the second quarter
In addition two production wells and two injection wells will be drilled and
completed in 2010.
* PA Resources seismic 2D study at Block 8 offshore western Greenland started
on 6(th) of June and was successfully completed on 15(th) of July, ten days
shorter than planned and with no accidents. Data quality looks good and the
next step is to commence the evaluation of the seismic data.
Stockholm, 19 July 2010
PA Resources AB (publ)
For additional information, please contact:
President and CEO
PA Resources AB
Telephone: +46 70Â 819 59 18
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
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.
Complete press release: http://hugin.info/130006/R/1432561/378633.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: PA Resources AB (publ) via Thomson Reuters ONE