1994
PA Resources AB is formed
PA Resources AB (PAR) was formed in 1994 in connection with the acquisition of the assets and liabilities of Petro Arctic AB – a company focused on oil exploration on Svalbard in Norway. PAR also became the principal owner of International Gold Exploration IGE AB (IGE).
The company’s operations were focused on the natural resource area with exploration and production of oil and gas as well as metals, primarily gold.
1998
PAR listed on NGM
PAR was listed on the Nordic Growth Market (NGM) in Sweden on 18 September 1998.
During the year PAR acquired several oil and gas assets in Tunisia (the Douleb, Semmama,
Tamesmida, Zinna and Ezzaouia fields) and two fields in Texas (the Good Omen field and the
Prairie Mud field).
1999
Petro Arctic AB was sold
Petro Arctic AB was sold and PAR did not extend the concessions in Svalbard.
2000
El Bibane in Tunisia
PAR acquired shares in the El Bibane oil field in Tunisia. At the same time the shares in the Zinna field in Tunisia were sold.
2001
PAR listed on the Oslo Stock Exchange
PAR was primarily listed on the Oslo Stock Exchange’s SMB list on 12 October 2001. The company acquired further shares in the Ezzaouia production licence and shares in the Jelma exploration permit in Tunisia.
The majority of PAR’s shares in IGE were distributed to the shareholders.
2002
Makthar in Tunisia
PAR acquired shares in the Makthar exploration permit in Tunisia.
2003
New accumulations in Tunisia
New accumulations were found in the Jelma and Makthar fields. Three new production wells were drilled on the Douleb field.
2004
Norwegian subsidiary was formed
The subsidiary PA Resources Norway AS was formed to conduct operations on the Norwegian continental shelf. PAR acquired shares in the Zarat exploration permit and the Didon field in Tunisia. The assets in Texas, USA, were sold (the Good Omen field and the Prairie Mud field).
2005
PAR acquired additional shares
PAR acquired shares in two exploration permits in Equatorial Guinea, additional shares in the Didon oil field and the Zarat exploration permit in Tunisia, as well as shares in the Volve field and production licence 274 (Oselvar) in Norway. The remaining shares of IGE were sold.
2006
PAR was secondarily listed on the Stockholm Stock Exchange
PAR was secondarily listed on the Stockholm Stock Exchange (currently the Nordic Exchange). In December, the Group’s first own oil platform was completed and new production wells were drilled on the Didon field in Tunisia. In January, an agreement was reached with Det Norske Oljeselskap AS. PAR acquired the company ADECO Congo BVI with operations in the Republic of Congo and a new jointly owned company was formed – PA Energy Africa Ltd.
2007
Increasing production from Didon
Didon field in Tunisia produces around 20,000 barrels per day in March. Scotsdale Ltd is acquired - interesting exploration licences in the UK and Denmark. Signs agreement to acquire a 35% share in the exploration licence Mer Profond Sud, including the Azurite oil field, in the Republic of Congo.
2008
New discoveries and divestment of Norway
A successful drilling campaign in Equatorial Guinea were completed, with a total of four discoveries of oil and gas. PA Resources expanded into the Netherlands and Greenland through the award of shares in exploration licences. The Volve field in Norway was put on stream in February. Exploration licences in Tunisia and Denmark were acquired. A strategic review resulted in divestment of the Norwegian assets.
2009
Production from two regions
First oil from the Azurite oilfield in August. Additional wells to be drilled in 2009/2010. An oil discovery was made at the Turquoise prospect at the licence Mer Profonde Sud in Congo. The development of the Aseng field in the Equatorial Guinea was initiated. PAR was awarded 50 percent in the exploration licence Schagen in the Netherlands.
2010
High-level of development activity
2010 entailed a strategic choice of direction. For a five-year period from 2010 to 2014, PA Resources will predominantly focus on generating greater value from existing assets. During the year, PAR substantially advanced the development of production in West Africa. A high-level of activity in the capital markets enabled strengthened the financial base and thus place PA Resources in position to implement the strategic plan.
2011
First oil in Equatorial Guinea
Production commenced at the Aseng Field in Equatorial Guinea. Two discoveries of gas and condensate and oil was made on the prospects Broder Tuck and Lille John on the Danish License 12/06. PA Resources share was delisted from Oslo Stock Exchange and primarily listed on Nasdaq OMX in Stockholm.
