PA Resources has acquired the company REAP 29/25 Ltd, which has a 100% working interest in the exploration license P1318 located in the North Sea, offshore United Kingdom. Simultaneously, PA Resources has assigned 50 percent of the license to Dove Energy. The net acquisition cost amounts to approximately SEK 1.4 million.
PA Resources' British subsidiary, Scotsdale Petroleum Ltd, has acquired the company REAP 29/25 Ltd, which has a 100% working interest in the exploration license, P1318, located in the West of Auk Basin, in the Central Graben area of the North Sea, offshore United Kingdom. The purchase-sum amounts to approximately GBP 227,000 (equivalent to approx. SEK 2.7 million).
Simultaneously with this acquisition, Scotsdale Ltd has assigned 50% of the license P1318 to Dove Energy Ltd for half the above consideration paid by Scotsdale Ltd, resulting in a net acquisition cost of approximately GBP 114,000 (equivalent to approx. SEK 1.4 million).
The license P1318 covers Blocks 29/18b, 19b, 24 and 25 in the Quadrant 29 of the British part of the North Sea. The license is located immediately south of Scotsdale's license P1319 in Block 29/20c and covers an area of approximately 600 square kilometers. All of these blocks were awarded in the 23rd Round as promote acreage and have recently been extended into the `traditional` phase for work programs that include seismic acquisition and drilling. Scotsdale has been approved by the Department of Business, Enterprise and Regulatory Reform (BERR) as the operator of both the licenses mentioned above, as well as the two licenses P1342 (Block 17/4) and P1336 (Blocks 43/14b and 43/15b).
The acquisition adds significant prospectively in the region, where the Company has mapped several interesting leads and prospects at various geological horizons.
"This acquisition represents a significant step forward in our exploration efforts in the West of Auk Basin. It also demonstrates our companies' commitment to the British continental shelf and our intention to continue to add prospective acreage," said Ulrik Jansson, President and CEO of PA Resources, Scotsdale's parent company. Scotsdale has plans to acquire new seismic data in both these licenses during 2008 with the intention of making drilling decisions in early 2009.
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