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2014-03-12

PA Resources AB: PA Resources business update

At an investor conference in London today, PA Resources' CEO Mark
McAllister will comment on the latest development of the business.

Tunisia

An updated plan of development (POD) for the Zarat field making
optimum use of the existing Gulf of Gabes infrastructure is being
prepared in co-operation with ETAP, the Tunisian state oil company,
and is on schedule for completion in mid-2014. Additionally, the
Zarat Unitisation and Unit Operating Agreement (UUOA) is in an
advanced state of negotiation. With an interim Government now in
place, approval for the renewal of the Zarat licence (Avenant 5) is
expected shortly and completion of the farmout to EnQuest should
follow in the second quarter. A programme of production enhancement
on the Didon field will commence this year following the upgrade of
the production tanker in 2013. The most recent technical and
commercial analysis shows potential for the installation of
electrical submersible pumps (ESP) in a number of the current
production wells. The first of these ESP installations will begin in
April and results will determine whether or not further drilling is
required to fully exploit the Didon field. Drilling of an appraisal
well on Elyssa remains on schedule for late 2014 or early 2015.

Denmark and Germany

The farmout transaction to Dana of Denmark Licence 12/06 and Germany
Licence B20008/73 is expected to close in the second quarter. An
appraisal well on Little John is planned in late 2014 and a drilling
rig has been secured for the well. Select stage development studies
on Broder Tuck are progressing towards completion around the middle
of the year to allow decisions to be made on the best way forward;
options include further appraisal drilling or to continue straight to
development sanction.

Equatorial Guinea

The plan of development for Diega is scheduled to be submitted in
2014. Initial indications following the long term drill stem test are
that recoverable volumes will be higher than the 30 million barrels
assumed by PA Resources in the August 2013 financial projections. The
Carla South field is currently considered sub-commercial but will be
re-evaluated following new 3D seismic acquisition planned for this
year.

Congo

The assignment of a 60 percent working interest in the Mer Profond Sud
exploration area to SOCO, has received governmental approval, subject
to regulatory approval to enter into the third and final period of
the licence. Abandonment of the Azurite field continues and is
presently around 80 percent complete. All costs for the early
abandonment were charged to the profit and loss statement in 2013.
The cash outlays, primarily related to lease costs for the production
vessel, are approximately 40 MUSD in 2014

With detailed appraisal and development planning for a number of key
assets due to reach significant milestones in the first half of 2014,
an optimised corporate investment plan and associated plan for medium
term financing of the activities, will be completed during the third
quarter.

Stockholm, 13 March 2014

PA Resources AB (publ)

For queries, please contact:
Ingrid Östhols, Head of Corporate Communications & IR
+46 72 181 08 67, ir@paresources.se

PA Resources AB (publ) is an international oil and gas group which
conducts exploration, development and production of oil and gas
assets. The Group operates in Tunisia, Republic of Congo
(Brazzaville), Equatorial Guinea, United Kingdom, Denmark,
Netherlands and Germany. PA Resources is producing oil in West Africa
and North Africa. The parent company is located in Stockholm, Sweden.
PA Resources' net sales amounted to SEK 1,312 million in 2013. The
share is listed on the NASDAQ OMX in Stockholm, Sweden. For
additional information, please visit www.paresources.se.

The above information has been made public in accordance with the
Securities Market Act and/or the Financial Instruments Trading Act.
The information was published at 08:30 a.m. CET on 13 March 2014.

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http://news.cision.com/pa-resources-ab/r/pa-resources-business-update,c9...
http://mb.cision.com/Main/790/9550478/219790.pdf

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