PA Resources' improved fiscal terms in Republic of Congo formally
approved
Improved fiscal terms for the production sharing contract for the
Azurite Field and the Mer Profonde Sud licence in the Republic of Congo
has been formally approved. The amendment gives PA Resources a larger
net entitlement share of Azurite field revenues and applies
retroactively from 1 October 2010.
The amendment on improved fiscal terms was signed between the
authorities in the Republic of Congo and all the partners in the
production sharing contract for the Mer Profonde Sud license (MPS) and
the Azurite field; Murphy West Africa Ltd (working interest 50%), PA
Resources (W.I. 35%) and Société Nationale Petroles du Congo (W.I. 15%).
The amendment has now received the final formal approval by the
Parliament in the Republic of Congo and has been sanctioned by a
Presidential decree.
The amendment is valid for the Azurite field and the MPS-license. The
improved fiscal terms give PA Resources a larger net entitlement share
of the Azurite field's production and revenues. ListenRead phonetically
· Net entitlement production refers to barrels of oil attributable to
PA Resources under the terms of the production sharing contract and
which can be equated to ‘post tax' barrels.
The amendment applies retroactively from 1 October 2010, which affects
the Group's tax expenses positively in the first quarter 2010. This will
be presented in the company's next financial report.
Read phonetically
Stockholm, 9 March 2011
PA Resources AB (publ)
For additional information, please contact:
Bo Askvik
President and CEO, PA Resources AB
Telephone: +46 70 819 59 18, +46 8 21 83 82
E-mail: info@paresources.se (info@paresources.se)
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, Republic of Congo (Brazzaville), Equatorial Guinea, United
Kingdom, Denmark, Greenland, Netherlands and Germany. 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 2,227 million during 2010. The
company is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden
(segment Mid Cap). For additional information, please visit
www.paresources.se (http://www.paresources.se/).
The above information has been made public in accordance with the
Securities Market Act and/or the Financial Instruments Trading Act. The
information was published at 8.30 CET on 9 March, 2011.
