PA Resources has been awarded shares in an exploration license in Block 8 offshore Western Greenland. The Group hereby expands its operations into a new area with great potential.
PA Resources has been awarded shares in a license for exploration of oil and gas in Western Greenland by the Greenlandic self-governing authorities and the Danish Government. The awarded area, West Disko Block 8, is situated offshore in the Disko-Nuussuaq region in Western Greenland and covers an area of approximately 11,100 square kilometers.
PA Resources' license share amounts to 87.5%, and the group is operator of the license. Greenland's public oil company Nunaoil A/S has been awarded the remaining 12.5% of the license. Nunaoil was established in 1985 and owns shares in all exploration licenses on Greenland.
This license award means that PA Resources expands its operations into one of the largest areas in the world that still remain to be explored for oil and gas.
"The license in Block 8 represents a great possibility for us. PA Resources expands its exploration activities into a new, exciting area with a very high potential, " said Ulrik Jansson, President and CEO at PA Resources AB.
Geological data from the area show that the bedrock in the area is very favorable for the presence of oil and gas. West Disko Block 8 is situated close to an area with natural oil seeps to the surface. Recent evaluation of seismic data, in combination with magnetic and gravity data, indicate the presence of deep basins with some giant structures in the region, which is considered very promising with regard to generation, migration and trapping of hydrocarbons.
PA Resources and its partner Nunaoil will now begin an extensive work program in the Disko West area, where the companies will assemble 4,000 kilometers of two-dimensional seismic data, potentially followed by three-dimensional seismic data as well as other geophysical data during the initial period. After this the two companies will decide on how to continue with exploration drillings in the area.
Greenlandís unique nature will put high demands on the operations.
"Exploration and eventually production from this area must be carried out with outmost focus on the environment and safety to ensure that no harm is done to nature, animals or people," said Ulrik Jansson, President and CEO at PA Resources AB.
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