A new, significant discovery of condensate and natural gas has been made on
Block I offshore Equatorial Guinea. Production tests from the well yielded flow
rates of 1,038 barrels per day of condensate and 34.3 million cubic feet per
day of natural gas (6,755 BOE). PA Resources has a 6 percent participating
interest in Block I.
Noble Energy Inc. today announced a new gas discovery on Block I offshore
Equatorial Guinea. The well “I-1”, which was testing the Benita prospect,
encountered an extremely high quality Miocene reservoir containing 41.5 meters
of net hydrocarbon pay. Production tests from the well yielded flow rates of
1,038 barrels per day of condensate and 34.3 million cubic feet (approximately
1 million cubic meters) per day of natural gas (equivalent to 6,755 barrels of
oil equivalents) with production rates limited by test facilities.
The “I-1” well, located in 878 meters of water and approximately 40 kilometres
east of Bioko Island, was drilled to a total depth of 3,188 meters. With the
installation of cooling and processing facilities, condensate yields can be
increased. On Bioko Island there is already a significant LNG infrastructure.
As expected, the reservoir section at the Benita discovery location is
significantly thicker than at the Miocene Belinda discovery in Block O, drilled
by Noble Energy in 2005.
Additional appraisal work will be necessary to verify the areal extent of the
Benita discovery. Any appraisal work will follow the drilling of an additional
exploration well in Block I during the 3rd quarter of 2007. The operator Noble
Energy will now move the drill ship Songa Saturn back to Block O.
“The Benita discovery has proven the important potential in this under-explored
region. We are thrilled by the result which exceeded our expectations and we
look forward to the drilling of the next well. As there are a number of
prospects in the block we expect significant resources to be discovered during
the ongoing drilling campaign”, says Ulrik Jansson, President and CEO of PA
Resources AB.
The Minister of Mines, Industry and Energy, H.E. Atanasio Ela Ntugu Nsa stated
“The Government of Equatorial Guinea is delighted that another discovery has
been made in the Equatorial Guinea part of the Douala Basin. The Government
believes that this new discovery further confirms the significant hydrocarbon
potential of the Douala Basin and highlights the positive investment climate
which currently exists within the Republic of Equatorial Guinea.”
Noble Energy EG Ltd. is the Technical Operator of Block I with a 40 percent
participating interest. The partners on the block include Atlas Petroleum
International Limited (54 percent participating interest), who is the
Administrative Operator, and PA Resources through a fully owned subsidiary
Osborne Resources Limited (six percent participating interest). GEPetrol - the
national oil company of the Republic of Equatorial Guinea - has a five percent
carried interest once commerciality has been determined.
Stockholm, June 25, 2007
PA Resources AB (publ)
For more information, please contact:
Ulrik Jansson
President and CEO
PA Resources AB
Telephone: +46 70 751 41 84
E-mail: info@paresources.se
Invitation to Press conference
You are hereby invited to participate in a press conference at
Konferansesenteret, Auditoriet, Thon Hotel Vika Atrium, Munkedamsveien 45, 0121
Oslo, Norway, on Monday, the 25th of June, at 15.00 a clock CET. The press
conference will be held in Swedish/Norwegian, but the presentation material
will be in English and there will be time for questions in English.
You can also dial in to listen to the press conference on the following
telephone numbers. Please use the Conference ID 5118335.
Country Number
Norway Free Call 800 193 95
International Dial In +44 (0) 1452 552 510
UK Fee Call 0800 694 2370
USA Free Call 1866 966 9444
A replay of the press conference will be available afterwards at PA Resources'
website www.paresources.se.Press material will be available at the website
prior to the press conference.
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 is today one of the largest oil producers in
Tunisia. The Group is also the owner of interests in twelve licenses on the
Norwegian continental shelf as well as in promising exploration areas in
Equatorial Guinea and the Republic of Congo (Brazzaville).
PA Resources AB's net sales amounted to SEK 930 million during 2006. The
company is listed on the SMB-list of the Oslo Stock Exchange and on the Nordic
Exchange in Stockholm. For additional information, please visit
www.paresources.se.
