PA RESOURCES: NEW OIL DISCOVERY CONFIRMED ON IPSWICH PROSPECT IN NORWAY
The drilling of the Ipswich well in licence PL 274 in Norway, including a sidetrack well, has now been completed and the preliminary well result confirmed. Both wells proved an oil accumulation in rocks of Paleocene age. The oil and gas group PA Resources has a 30 percent interest in the licence.
The operator for the licence PL 274 has today announced that the drilling of the exploration well 1/3-11 and the sidetrack well 1/3-11 T2 on the Ipswich prospect in Norway have been completed. The Ipswich discovery is located south of the Oselvar discovery in the southern part of the Norwegian North Sea.
The exploration well was not tested, but the discovery in the main well was further appraised by a sidetrack well where coring, pressure measurement and liquid sampling were carried out. The drilling was carried out with the drilling rig Maersk Guardian in a water depth of 72 meters. The main well was drilled to 3,232 meters and the side track well to 3,465 meters subsea. Both wells were terminated in rocks of early Paleocene age. The well has penetrated an oil column of at least 60 meters with reservoir properties comparable to Oselvar. Further evaluations and investigations are required in order to determine if the Ipswich discovery is commercial.
The well will now be permanently plugged and abandoned.
- This is a very interesting discovery and a possible joint development of the Ipswich and Oselvar discoveries could add significant value to us. The first step, however, will be a thorough evaluation of this new discovery, says Ulrik Jansson, President and CEO at PA Resources AB.
PA Resources has a 30 percent interest in the licence PL 274 together with DONG E&P Norge (operator and 40 percent), Revus Energy (15 percent) and NORECO (15 percent).
Stockholm, August 20, 2008
PA Resources AB (publ)
For more information, please contact:
Ulrik Jansson
President and CEO
PA Resources AB
Telephone: +46 70 751 41 84
or
Trond Bjerkan
Executive Vice President,
PA Resources AB
Telephone: +47 900 55 921
PA Resources AB (publ) is a fast growing oil and gas group 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, Greenland, Great Britain, Denmark, Netherlands, 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 SEK 2,794 Million during 2007. 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 Large Cap). For additional information, please visit www.paresources.se.
