Aseng oil field project in the Republic of Congo sanctioned>
Aseng oil field project in the Republic of Congo sanctioned
(Thomson Reuters ONE) - The Plan of Development for the Aseng oil field in Block I offshoreEquatorial Guinea has been sanctioned by the operator, PA Resourcesand other partners as well as the Ministry of Mines, Industry andEnergy of the Republic of Equatorial Guinea. Production is estimatedto commence in mid 2012. PA Resources holds a six percent workinginterest in the block.Formerly known as Benita, Aseng was originally discovered in 2007 asa gas-condensate field in Block I offshore Equatorial Guinea.Subsequently, two appraisal wells were drilled in the structure withthe first well identifying the oil resources and the second welldetermining reservoir limits. A Plan of Development was submitted tothe Ministry of Mines, Industry and Energy of the Republic ofEquatorial Guinea in late 2008 and the plan has now been sanctioned.- We look forward to developing the Aseng field together with theoperator Noble Energy, the other partners and the authorities ofEquatorial Guinea. The field is located in a block where severaldiscoveries of oil, gas and condensate have been made during the lastyears. This stand-alone project will provide critical infrastructurefor the various other discoveries in the area, says Ulrik Jansson,President and CEO at PA Resources.Noble Energy will serve as technical operator of the development.Initial development of the field will include five subsea wellsflowing to a floating production, storage, and offloading vessel(FPSO). The oil will be stored on the vessel until sold, while thenatural gas and water will be re-injected back into the reservoir tomaintain pressure and maximize oil recoveries. The FPSO, to belocated in approximately 3,100 feet of water, will be designed withcapacity to handle 120,000 barrels of liquids per day, including80,000 barrels of oil per day. In addition, the vessel will becapable of reinjecting 170 million cubic feet per day of natural gas.Storage on the vessel will be approximately 1.5 million barrels ofoil and condensate.Total cost of development, excluding the cost of the FPSO, which willbe leased, is estimated at USD 1.3 billion (USD 80 million net for PAResources). The majority of this capital is to be invested in 2010and 2011. First production from the field is estimated to commence bymid-year 2012 at 50,000 barrels of oil per day gross (3,000 barrelsper day net to PA Resources).Over the life of the project, the operator expects to recover grosshydrocarbon liquids of approximately 100 to 120 million barrels. Inaddition, there is an estimated 450 to 550 billion cubic feet of gasresources at Aseng that will be produced as part of an integrated gasproject in the region once the pressure maintenance phase iscompleted.Extensive engineering and design work has been done over the pastyear, the project team is in place, and all long lead items have beensecured. The tender process for the FPSO and subsea equipment hasbeen completed and the operator is preparing to award most of themajor contracts.The operator has secured two rigs to support the development work atAseng. The rig Atwood Hunter is estimated to arrive in EquatorialGuinea in mid-2010. A letter of intent has been signed on a secondrig, which is expected to be delivered in the first quarter 2010.PA Resources has six percent working interest in Block I and theAseng field. The Technical Operator Noble Energy has a 40 percentparticipating interest, the Administrative Operator Atlas PetroleumInternational Limited 29 percent and Glencore Exploration Ltd. 25percent. GEPetrol (the national oil company of the Republic ofEquatorial Guinea) has a five percent carried interest.Stockholm, 22 July 2009PA Resources AB (publ)For additional information, please contact:Ulrik JanssonPresident and CEOPA Resources ABTelephone: +46 70 751 41 84orBo AskvikCFOPA Resources ABTelephone: +46 70 819 59 18PA Resources AB (publ) is an international oil and gas group with thebusiness strategy to acquire, develop, exploit and divest oil and gasreserves, as well as explore new findings. The Group operates inTunisia, United Kingdom, Denmark, Greenland, Netherlands, EquatorialGuinea and the Republic of Congo (Brazzaville). PA Resources is todayone of the largest oil producers in Tunisia. The parent company islocated in Stockholm, Sweden.PA Resources' net sales amounted to SEK 2,420 Million during 2008.The company is primary listed on the Oslo Stock Exchange in Norway(segment OB Match) and secondary listed on the NASDAQ OMX NordicExchange in Stockholm, Sweden (segment Mid Cap). For additionalinformation, please visit www.paresources.se.http://hugin.info/130006/R/1330098/314409.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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" alt="AGM Statement>">Datum: 22.07.2009 - 15:10 Uhr
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