PA Resources makes oil discovery in the Republic of Congo

An oil discovery has been made at the Turquoise Marine-1 prospect in the Mer Profond Sud Block offshore the Republic of Congo. PA Resources holds a 35 percent working interest in the block.
The operator Murphy Oil has today announced an oil discovery at the Turquoise Marine-1 prospect located in the Mer Profond Sud Block, offshore the Republic of Congo. The well was drilled in 1,610 meters of water to a total measured depth of 3,675 meters and encountered in excess of 41 meters of net oil pay. The Turquoise Marine-1 discovery is located approximately 28 kilometres from the Azurite field, in which PA Resources is a 35 percent licence partner.

- Turquoise Marine-1 is an important oil discovery for PA Resources - it’s our second discovery in the Mer Profond Sud Block. We will be looking at appraisal and development options for Turquoise Marine-1 in the coming months and will be seeking to optimize the existing Azurite field infrastructure, says Ulrik Jansson, President and CEO at PA Resources.

The rig now moves to the Diamant Marine-1 prospect which lies even closer to the Azurite field.

Murphy Oil Corporation serves as operator and has a 50 percent working interest in Turquoise Marine-1 and the Mer Profond Sud block. Partners are PA Resources (35 percent) and Société Nationale des Pétroles du Congo (15 percent).

PA Resources AB (publ) is an international oil and gas group with the business strategy to acquire, develop, exploit and divest oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, United Kingdom, Denmark, Greenland, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville). PA Resources is today one of the largest oil producers in Tunisia. The parent company is located in Stockholm, Sweden.

PA Resources’ net sales amounted to SEK 2,420 Million during 2008. The company is primary listed on the Oslo Stock Exchange in Norway (segment OB Match) and secondary listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid Cap). For additional information, please visit www.paresources.se/en/