PA Resources picks up German concession

PA Resources (PAR) has been awarded an exploration license in the North Sea offshore Germany.

Offshore staff

STOCKHOLM, Sweden --  PA Resources (PAR) has been awarded an exploration license in the North Sea offshore Germany. The permit is adjacent to the company’s Danish license 12/06, where two wells are due to be drilled this year.

The state Office for Mining, Energy, and Geology of Schleswig-Holstein granted PA Resources UK a 100% working interest and operatorship of German offshore license B20008-73. This acreage is in the tight corridor known as the `duck's bill’ between the Danish and Dutch North Sea sectors.

PAR says its two Danish wells will have similar exploration objectives to potential targets in the new license, and the results should assist evaluation of the German permit’s prospectivity.

Bo Askvik, president and CEO of PA Resources, said: "This is a logical, low cost add-on to our Danish position and offers upside potential in the event of success in our 2011 Danish drilling campaign. Our focus is on exploring the basin rather than being limited by national boundaries…"

01/03/2011

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