This report summarizes production and sales of crude oil and gas in the PA
Resources Group during the fourth quarter 2007.
Total production
Total oil- and gas production in the Group during Q4 2007 (October - December
2007): 1,386,000 BOE
Crude oil
Average oil production per day during Q 4 2007: 15,066 barrels per day
Total oil production during Q4 2007: 1,386,000 BOE
Accumulated oil production January - December 2007: 5,509,000 BOE
Oil sales during Q4 2007: 1,117,000 BOE
- Here of export sales: 807,000 BOE
- Here of local sales: 310,000 BOE
Average sales price during Q4 2007: 85.48 USD per barrel
Gas
No gas has been produced or sold during the fourth quarter.
Comments
Oil has been sold at quarterly record high average sales price of 85.48 USD
per barrel, to be compared with 70.13 USD for Q3, 2007.
All the production for Q4 2007 comes from the Tunisian assets.
In the El Bibane field in Tunisia, the drilling of a second well - a gas
injector - has been completed and work has started to drill a sidetrack to a
previous production well. The operator Candax reports that the production
facilities have been installed successfully in the period and remaining tie in
and commissioning of a production pipeline are ongoing. Candax reports that
production start-up now is expected in January 2008.
In the Volve field in Norway, three wells have been drilled. The operator
StatoilHydro reports that final hook-up and commissioning are near completion
and production start-up is expected by the end of January 2008.
A yearly average production of 15,093 barrels per day has been achieved,
despite the delay in start-up of El Bibane and Volve. This is an increase of
277 percent compared to 2006.
The average production regularity on the Didon field in Tunisia was 98
percent for the period Q4 2007.
The average production for December 2007 was 12,968 barrels per day. As
previously reported, the reduced production was due to the underperformance of
one well at the Didon field which is currently being worked at. Additionally,
the subsea well, which was connected in November, has been shut-in due to
repair of the control line. This work is ongoing.
Preparations for the 2008 drilling programme are well advanced and the Ensco
85 rig has arrived in Tunisia. After leg extension work, the jack-up rig will
by the end of January start drilling a new production well on the Didon field.
This may be followed by a possible drilling of another production well in the
western parts of the field, which is currently being evaluated. Thereafter, an
exploration programme will start, including possible tieback opportunities to
Didon.
Explanations
- BOE = barrels of oil equivalents
Oslo/Stockholm, January 7, 2008
PA Resources AB (publ)
For more information, please contact:
Trond Bjerkan
Vice President
PA Resources AB
Telephone: +47 21 56 76 10
E-mail: info@paresources.no
PA Resources AB (publ) is a fast growing oil and gas group company with the
business strategy to acquire, develop and exploit oil and gas reserves, as well
as explore new findings. The Group operates in Tunisia, Norway, Great Britain,
Denmark, Equatorial Guinea and the Republic of Congo (Brazzaville). PA
Resources is today one of the largest oil producers in Tunisia. The parent
company is located in Stockholm, Sweden.
PA Resources AB's net sales amounted to approximately SEK 843 Million during
2006. The company is primary listed on the Oslo Stock Exchange in Norway
(segment OB Match) and secondary listed on the OMX Nordic Exchange in
Stockholm, Sweden (segment MidCap). For additional information, please visit
www.
