PA Resources Spuds Makthar Exploration Well

PA Resources AB has commenced the drilling of an exploration well at the Linda prospect at the exploration area Makthar in Tunisia. The drilling is estimated to take approximately 1-1/2 months. Thereafter another exploration well will be drilled at the Serraguia prospect in the same area.

The exploration area Makthar is located in the western part of central Tunisia and near the producing oil fields Douleb, Semmama and Tamesmida.

After the completion of an internal evaluation of Makthar in the beginning of 2007, with the aim to define and rank the most interesting prospects, it was concluded that the Linda and Serraguia prospects are the two most interesting prospects in the area. This was also concurred by a third party assessment.

The planned total depth of the Linda well is about 1,680 meters. The drilling at the Serraguia prospect will according to plans be commenced during the third quarter of 2007.

I am very pleased that the drilling program at the Makthar exploration area now has commenced. Both prospects are located near existing production facilities on the Tamesmida field, which makes it possible to achieve an early production start for a finding of oil. A finding of oil will also imply that we can start planning the drilling of a lot of other prospects in the area, says Ulrik Jansson, President and CEO at PA Resources.

PA Resources owns, through a subsidiary, a 45 percent working interest in the license. Partner is ETAP which owns a 55 percent working interest.