PA Resources Hires Diamond's Ocean Spur for Work Offshore Tunisia

PA Resources AB has entered into a contract with Diamond Offshore to charter the 300' jackup, Ocean Spur for a period of 12 months.

The rig is expected to arrive in the Gulf of Gabes, Tunisia in the first quarter 2006 when it will start the planned drilling of up to three new production wells at the producing field Didon. The new production wells will be drilled and completed on the new platform currently being installed at the Didon field.

The previously disclosed production target for Didon of 20,000 bopd following completion of the additional production wells remains in place and should be reached during second quarter 2006.

Furthermore, the drilling program will include an exploration well at the Zarat exploration permit. In addition, the company is evaluating to drill an appraisal well at the Elyssa discovery as part of the plan to accelerate the production development program for this discovery.

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