PA Resources Grabs 35% Working Interest in Tunisian License

PA Resources has farmed-in to a 35 percent working interest in the onshore exploration permit Jenein Centre in southern Tunisia under an agreement with the Canadian oil and gas company Storm Ventures International Inc.

The permit Jenein Centre is an approximately 243 km2 onshore block situated within the Ghadames Basin in Southern Tunisia. The Ghadames Basin stretches from Algeria, across southern Tunisia into Libya and is a very prospective area with several discoveries and producing fields.

The permit was awarded to Storm Ventures International in March, 2007. The work commitment consists on shooting 3D seismic in 2008 and drilling one exploration well during 2009. So far, 250 km2 of 3D seismic has been shot and processed by the operator. The seismic shows a number of prospects and leads with expected un-risked prospective resources ranging from 5 to 30 million barrels of oil.

According to the farm-in agreement, PA Resources will pay 70 percent of the cost for the acquired 3D-seismic as well as 70 percent of the cost for the first well to earn 35 percent interest in the licence.

Jenein Centre is situated onshore in a very prospective area, where several discoveries have been made by OMV, Pioneer and ENI during the recent years. "This license fits well into our Tunisian portfolio and will most certainly contribute to our future production," commented Ulrik Jansson, President and CEO of PA Resources.

Operator for the permit is Storm Ventures International Inc. with a working interest of 65 percent and partner is PA Resources' Tunisian subsidiary PA Resources Tunisia with a 35 percent working interest. The farm-in is subject to normal regulatory approvals by the Tunisian authorities.