PA Resources farms out interest in licence offshore UK
(Thomson Reuters ONE) - The oil and gas group PA Resources farms out a 48 percent in SeawardLicence P1529 in the UK Southern North Sea to Venture North Sea GasLimited.PA Resources UK Limited, a wholly-owned subsidiary in the PAResources Group, has signed an agreement to farm out a part interestin Licence P1529 covering offshore Blocks 43/9, 43/10 and 44/6 in theUK Southern North Sea. Earlier this year, PA Resources increased itsinterest in the licence from 40 to 80 percent when a joint venturepartner elected to withdraw.Venture North Sea Gas Limited (Venture), a wholly owned subsidiary ofVenture Production plc, will acquire a 48 percent working interest inthe licence from PA Resources UK Limited and 12 percent workinginterest from PA Resources' partner, Spyker Energy SAS. PA Resourceswill retain 32 percent and Spyker 8 percent in the licence.Under the terms of the farmout agreement, Venture will pay 100percent of the costs of a 3D seismic survey over the Kennett lead tobe operated by PA Resources with start in September 2009. After thesurvey is fully completed, PA Resources will transfer theoperatorship to Venture.The transaction is subject to approval of the Secretary of State forEnergy and Climate Change in United Kingdom.Ulrik Jansson, President and CEO at PA Resources AB, comments "We arepleased to have signed this farmout agreement and that we are beingjoined by Venture, who are an active and successful operator in theSouthern North Sea. We look forward to progressing the exploration ofthe Kennett lead".Stockholm, 24 August 2009PA Resources AB (publ)For additional information, please contact:Ulrik JanssonPresident and CEO, PA Resources ABTelephone: +46 70 751 41 84, +46 8 21 83 82E-mail: info(at)paresources.seorGraham GoffeyManaging Director, PA Resources UKTelephone: +44 (0) 203 322 0100E-mail: ggoffey(at)paresources.uk.comPA 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/1336578/318148.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 24.08.2009 - 08:40 Uhr
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