PA RESOURCES: PRODUCTION- AND SALES REPORT AUGUST, 2008
This report summarizes production and sales of crude oil and gas in the PA Resources Group during the month of August 2008. In August, a new Group record peak production was achieved with a total of 22,200 barrels of oil on a single day. This has proven the total potential of the current production wells.
Total production
* Total oil and gas production in the Group during August 2008 483,200 BOE
Crude oil
* Average oil production per day during August 2008: 15,600 barrels per day
* Accumulated oil production January to August 2008: 3,217,500 BOE
* Total oil production during August 2008: 483,200 BOE
* Oil sales during August 2008: 251,400 BOE
- Here of export sales 241,500 BOE
- Here of local sales 9,900 BOE
* Average sales price during August 2008: 104.91 USD per barrel
Gas
* Total gas production during August 2008 0 BOE
* Average sales price during August 2008: 0 USD per BOE
Comments
* The average sales price was 104.91 USD per barrel of oil during the month of August.
* Production of oil comes from seven fields in two geographical areas; Tunisia and Norway.
* On the Didon field in Tunisia, the production well Didon-5 was gradually put back to production in August, after a shut-in since the start-up of the new well Didon-7. The production in August has been affected by the drillings at the field during the month, as well as extensive testing of the Didon-5 and Didon-7 wells with periods of reduced or no production.
* The Volve field in Norway has delivered record production above the planned field plateau level from two oil producers during the month. The second water injection well was also completed. However, due to a planned maintenance shutdown at the gas export receiving platform, the production for the total period is reduced.
* During the month, a new Group record peak production was achieved, with a total of 22,200 barrels of oil on a single day. Over a period of five days it was demonstrated that the Group's total production capacity was above 20,000 barrels of oil per day. However, due to reduced uptime of wells and facilities, the average Group production amounted to 15,600 barrel of oil per day during August.
Explanations
- BOE = barrels of oil equivalents
Oslo/Stockholm, September 4, 2008
PA Resources AB (publ)
For more information, please contact:
Trond Bjerkan
Vice President, PA Resources AB
Telephone: +47 21 09 71 10
E-mail: info@paresources.no
PA Resources AB (publ) is an international 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.
