Elyssa appraisal well in prospect offshore Tunisia

PA Resources (PAR) continues to seek farm-in partners for the Zarat license offshore Tunisia.

Offshore staff

STOCKHOLM, Sweden – PA Resources (PAR) continues to seek farm-in partners for the Zarat license offshore Tunisia.

In December, the company reached apreliminary agreement with Sonde Resources, which holds the joint oil block license north of the Zarat concession, concerning unitization principles for the Zarat field.

Work on a joint plan of development continues, and this is expected to be submitted to the Tunisian regulatory authority around mid-year.

PAR and Sonde are conducting a detailed technical evaluation of the reservoir. Early results suggest gas recovery could be feasible after initial oil and condensate production.

Evaluation also continues for the Zarat license, based on a recently updated seismic model. The license has been extended until 2015, with a commitment to drill an appraisal well on theElyssa field and an exploration well on another structure.

The Elyssa well should be drilled this year, although this remains contingent on a successful farm-out of the Zarat license.

Elsewhere, PAR says theAlen field development in block I off Equatorial Guinea is on track for start-up this summer, at cost below the sanctioned budget.

Onshore construction activities are nearing completion, with preparations under way for load-out of major modules.

During the current quarter, an exploration well should be drilled on the block I Carla South prospect, which is on a trend proven by the 2011block O Carla discovery.

In the North Sea, PAR is looking for a rig for next-phase drilling on Danish license 12/06, and studies continue to evaluate appraisal needs and development options for the discoveries.

The Dutch North Sea Q7/10a joint venture could drill an appraisal/development well this fall on the Q7-FA discovery, subject to rig availability.

2/6/2013

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