Offshore staff

STOCKHOLM, Sweden -- PA Resources AB has signed an agreement to acquire ADECO Congo BVI Ltd., which owns 85% of the PSC on the block Marine XIV offshore Republic of Congo.

PA Resources will pay $13 million up-front consideration for the license.

Marine XIV is in shallow water and adjacent field production is about 75,000 b/d of oil. An exploration well tested at 1,500 b/d of oil.

10/8/06