Offshore staff

STOCKHOLM, Sweden – PA Resources has issued an update on its development programs offshore Tunisia.

The company is continuing negotiations on development planning and allocation of reserves for the Zarat license. The joint program’s focus is on forming a dynamic reservoir model for the next phase of development studies.

At the end of 2011, further processing was completed of 1,400 sq km of 3D seismic data. This will be used to define exploration prospects and structures, and to update 3D models of the Elyssa, Zarat and Didon fields, all within the Zarat license. An appraisal well could be drilled on Elyssa late this year or early in 2013.

At the producing offshore Didon field, PA Resources is taking action to compensate for the field's natural decline.

Early in January, the company agreed to divest its working interest in the offshore El Bibane oil-producing field operated by Candax.

As for Tunisia’s political situation, at the end of October a Constituent Assembly was elected to draft a new constitution and prepare for a general election within a year.

An interim president and government have been approved to rule the country during the coming year. However, PA Resources points out that the social instability continues to affecting the situation in Tunisia and all activities in the country.

2/17/2012