PA to participate in Congo, Equatorial Guinea wells

PA Resources has budgeted funds for 10 to 12 exploratory wells next year, on prospects with cumulative resources estimated at around 650 MMboe.

Offshore staff

STOCKHOLM -- PA Resources has budgeted funds for 10 to 12 exploratory wells next year, on prospects with cumulative resources estimated at around 650 MMboe.

Offshore Republic of Congo, the company will participate in two appraisal wells on the Turquoise discovery, and an exploratory well on the Cobalt prospect. Off Equatorial Guinea, it will co-fund three exploration wells in blocks I and H, where there have been previous drilling successes. PA has further plans to appraise discoveries in its operated Zarat license off Tunisia.

The company is partnering with Noble Energy for the Aseng development offshore Equatorial Guinea. During 2010-11, 10 producer and injector wells will be drilled, with first oil expected in mid-2012.

A production vessel for this development has been configured to gradually take in production from other prospects in the area. Next of these in line for development are Belinda and Diega, PA adds.

At the Murphy-operated Azurite field off Republic of Congo, drilling of the first injector well has been completed and work has started on the second producer well, to be followed by a third producer. Altogether nine wells will be drilled on the field during 2009-10. Production is set to peak at 40,000 b/d of oil in 1Q 2010.

12/18/2009

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