PA Resources Applies for License Offshore West Greenland

PA Resources has applied for a license block offshore West Greenland with the Bureau of Minerals and Petroleum in Greenland. The application is for a hydrocarbon exploration license in the second phase of the Disko West Licensing Round. The area applied for is approximately 11,100 km2 and lies within License Block 8 in the Disko-Nuussuaq region. The Bureau of Minerals and Petroleum in Greenland has now started processing the application and plan to finalize this work within the next three to five months.

PA Resources aims towards having a balanced portfolio with production, field development and exploration activities. This strategy is reflected by the Group's producing assets in Tunisia, the ongoing field development projects in Tunisia and Norway, and the extensive exploration activities ongoing in Tunisia, Equatorial Guinea and on the Norwegian Continental Shelf.

In the group's build-up phase, the exploration has focused on mature areas with well-established play concepts, to lower the risk exposure. PA Resources has now consolidated its position as an exploration and production company group and is ready to expand its exploration activities into less mature areas with higher risk and substantially higher reward.

The West Greenland and the Disko-Nuussuaq area present such an opportunity. The region and license applied for is situated not far from 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 which is considered promising with regard to generation, migration and trapping of hydrocarbon.

"Greenland remains one of the last large areas in the world still to be explored for oil and gas, and the Disko-Nuussuaq region has become increasingly interesting from a geological perspective with every bit of new data gathered in the region. 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. PA Resources is prepared to make the investments required to develop West Greenland in a safe and prudent way," says Ulrik Jansson, President and CEO at PA Resources AB.