PA Resources Acquires Congo License

PA Resources has entered into a Heads of Agreement to acquire the entire share capital of ADECO Congo BVI Ltd. The company's subsidiary owns 85 percent of a Production Sharing Contract in the block Marine XIV offshore the Republic of Congo.

ADECO Congo BVI Ltd is the 100 percent owner of ADECO Congo SA, a company registered in the Republic of Congo (Brazzaville). ADECO Congo SA owns 85 percent of the 265 square kilometers big Marine XIV Production Sharing Contract situated offshore Congo Brazzaville. The national oil company of Congo, SNPC, holds a 15 percent carried interest in the Production Sharing Contract.

Marine XIV lies in shallow water, in the heart of the main producing region of Congo Brazzaville, where adjacent field production is currently around 75,000 barrels of oil per day (bopd). Earlier exploration on the block made at least one oil discovery testing at rates of 1,500 bopd. The discovery was estimated by an independent auditor to contain probable reserves of 45 mmbo.

Marine XIV is very similar to our Zarat Permit offshore Tunisia in terms of water depth and oilfield sizes. Our experiences from Zarat in exploring and developing moderate sized accumulations will be very valuable in a rapid exploitation of this block. Given rig availability our plan is to develop this block as soon as possible, says Ulrik Jansson, President and CEO, PA Resources AB.

The agreement is subject to normal government regulatory procedures.

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