PA Resources announces first production at Azurite field

(Thomson Reuters ONE) - The initial oil production has commenced at the Azurite field in theMer Profond Sud (MPS) block, in territorial water (Atlantic Ocean),offshore Republic of Congo (Brazzaville). The oil and gas group PAResources holds a 35 percent interest in the field.The Azurite development is located in about 4,500 feet of water andutilizes the industry's first Floating Production Storage andOffloading facility with drilling capability (FDPSO). The FDPSO hasstorage capacity of 1.3 million barrels of oil and the capability toprocess 40,000 barrels of oil per day and is being used for drillingand completing the production and injection wells.- The Azurite project marks an innovative approach to deepwaterdevelopment. Production from the field will continue to ramp up forthe remainder of the year as additional wells are brought on stream.This is an important milestone for us adding significant productionfrom a second region, says Ulrik Jansson, President and CEO at PAResources.Murphy Oil Corporation serves as operator and has a 50 % workinginterest in the Azurite field and the MPS block. Partners are PAResources (35 %) and Societe Nationale Petroles du Congo (15 %).Stockholm, 10 August 2009PA Resources AB (publ)For additional information, please contact:Ulrik JanssonPresident and CEO, PA Resources ABTelephone: +46 8 21 83 82, +46 70 751 41 84E-mail: info(at)paresources.seorBo AskvikCFO, PA Resources ABTelephone: +46 8 21 83 82, +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/1333699/316225.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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Bereitgestellt von Benutzer: hugin
Datum: 10.08.2009 - 15:41 Uhr
Sprache: Deutsch
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