PA Resources calculated a total production from oil and gas during Q4 2007 (October - December 2007) to be 1,386,000 BOE.
All the production for Q4 2007 comes from the Tunisian assets.
In the El Bibane field in Tunisia, the drilling of a second well - a gas injector - has been completed and work has started to drill a sidetrack to a previous production well. The operator Candax reports that the production facilities have been installed successfully in the period and remaining tie in and commissioning of a production pipeline are ongoing. Candax reports that production start- up now is expected in January 2008.
In the Volve field in Norway, three wells have been drilled. The operator StatoilHydro reports that final hook-up and commissioning are near completion and production start-up is expected by the end of January 2008.
A yearly average production of 15,093 barrels per day has been achieved, despite the delay in start- up of El Bibane and Volve. This is an increase of 277 percent compared to 2006.
The average production regularity on the Didon field in Tunisia was 98 percent for the period Q4 2007.
The average production for December 2007 was 12,968 barrels per day. As previously reported, the reduced production was due to the underperformance of one well at the Didon field which is currently being worked at. Additionally, the subsea well, which was connected in November, has been shut-in due to repair of the control line. This work is ongoing.
Preparations for the 2008 drilling program are well advanced and the Ensco 85 rig has arrived in Tunisia. After leg extension work, the jack-up rig will by the end of January start drilling a new production well on the Didon field. This may be followed by a possible drilling of another production well in the western parts of the field, which is currently being evaluated. Thereafter, an exploration programme will start, including possible tieback opportunities to Didon.
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