PA Resources has been awarded an additional exploration license onshore Netherlands. PA Resources will hold a 50 percent interest in the new license which expands the Group's acreage position in the Netherlands.
PA Resources announces that it, together with its partner Smart Energy Solutions B.V. (SES), has been awarded the Schagen license in the Netherlands. Each party will hold a 50 percent interest and SES will act as operator for the license. Schagen is an onshore exploration license which extends a short distance into Dutch territorial water and covers a total area of 355.5 square kilometers. The license is effective from June 19, 2009. The license has a 4 year duration and existing 3D seismic survey coverage and the commitment is to drill a single exploration well.
In 2008 PA Resources was awarded shares in two exploration licenses, firstly in Block Q7 and subsequently in Block Q10a. Block Q7 contains an earlier gas discovery and a number of other interesting prospects. PA Resources holds 30 percent interest in both licenses.
"We are very pleased to have been awarded this new license which together with our previous two licenses has significant potential and we look forward to progressing the exploration activities," commented Ulrik Jansson, President and CEO at PA Resources AB.
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