Press release

Download pdf 19/07/2010 17:17

Production- and Sales Report for Q2, 2010

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
  •  Average oil production per day:
 10,400 barrels per day
  • Accumulated oil production January - June  2010:
 1,850,000 barrels
  • Oil sales (excl. royalty):
 805,100 barrels
  • Average sales price:
 78 USD per barrel

 

Comments

  • 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 May 2010.
    - A forth production well is planned to be taken into operation in September 2010.
    - A second injection well (I2) has been drilled during the second quarter 2010.
    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 6th of June and was successfully completed on 15th 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:

Bo Askvik
President and CEO
PA Resources AB                                                
Telephone: +46 70 819 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 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.