PA Resources acquires two Danish licenses from Shell

PA Resources AB has entered into an agreement with Shell Olie- og Gasudvinding Danmark B.V. to acquire a 26.8%-participating interest in license 9/06 (Gita) and license 9/95 (Maja) on the Danish Continental Shelf.

Offshore staff

STOCKHOLM, Sweden -- PA Resources AB has entered into an agreement with Shell Olie- og Gasudvinding Danmark B.V. to acquire a 26.8%-participating interest in license 9/06 (Gita) and license 9/95 (Maja) on the Danish Continental Shelf. The two licenses are located just south of the Harald field and contain prospectivity in Jurassic reservoirs with good follow-up potential in the Tertiary.

The jackupEnsco 101 is scheduled to drill an exploration well on the Gita prospect during 4Q 2008. The well will target two plays within the Jurassic with gross estimate prospective resources in the range of 200 to 1,100 MMboe, of which net P50 unrisked prospective resources of 132 MMboe for PA Resources AB.

The operator for both the licenses is Maersk Olie og Gas AS with a 31.2% participating interest in each license. When the acquisition is formally closed, the partners in license 9/06 will be PA Resources AB (26.8 %), the Danish Offshore Fund (20 %), Norwegian Energy Company ASA (Noreco) (12 %), and Shell (10 %). In license 9/96, the partners will be PA Resources AB (26.8 %), DONG (20 %), Noreco (12 %), and Shell (10%).

09/02/2008

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