PA Resources Says Ocean Spur Arrives in Tunisia

Ocean Spur
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PA Resources AB reports that the Ocean Spur has arrived in the Gulf of Gabes in Tunisia. Last December PA Resources AB entered into a drilling contract with Diamond Offshore to charter the Ocean Spur for a period of 12 months. PAR has decided on the following drilling program:

With reference to the acquisition of the 45% in the Zarat exploration permit, the Tunisian parliament approved the extension of the second validity period in the exploration permit Zarat to the July 24, 2006 based on a commitment to drill one exploration well within this date. PAR has, however, agreed with the authorities to instead drill an appraisal well on the Elyssa Discovery. Based on meeting this commitment, the permit will be extended with 2 years to July 24, 2008. Consequently, in order to secure the extension of the permit PAR has decided change the sequence of the planned drilling program by start drilling the Elyssa #3 well as the first well, prior to the drilling of the production wells on Didon field.

The Elyssa field is an oil field with an associated gas cap. Main well target will be at TD of 3100m. The drilling of the Elyssa #3 well will start shortly and will be drilled in two steps. First step will be drilled as a pilot well in order to gather valuable well data, then the well will be temporary abandoned and the rig will be moved to the Didon field in order to drill and complete the first of the new production wells, the Didon #5 well. After such completion, the rig will return to Elyssa and complete the Elyssa #3 well.

The Elyssa #3 well will be an important step in the plan to accelerate the production development program for this discovery earlier than originally planned and the target for early production will be in 2007 rather than the originally planned 2008.

The Ocean Spur is thus planned to start drilling the production well, Didon #5, in early May.

The plan is to drill further 2 production wells on the Didon field before year end, after completing the drilling on the Elyssa field. A total of 3 production wells are thus planned to be drilled on the Didon field. Further drilling activity is planned but will be informed at a later stage.

Q1 production forecast

Primarily as a consequence of delay in the platform installation work the production for Q1 will be lower than planned though higher than in Q4 - 2005.

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