PA Resources Wins License in North Sea

PA Resources has been awarded a new license in the UK's 26th Licensing Round by the UK's Department of Energy and Climate Change.

The award, which is provisional pending documentation and execution of license documents, covers Block 22/18b in the Central North Sea and has been awarded to PA Resources' subsidiary PA Resources UK Limited. PA Resources UK will operate the license, with 33.34% working interest. The partners are Valiant Exploration Limited and First Oil Expro Limited, with 33.33% working interest each. 

The committed work program involves reprocessing of existing 3D seismic data to assess an identified prospect, with an option to commit to drill an exploration well. 

Bo Askvik, President and CEO of PA Resources, commented, "We are pleased to have gained this license award within our Central North Sea target area to complement our other North Sea positions."