PA Resources Grabs Stake in Netherlands Block

PA Resources AB

PA Resources has been assigned a 30% license share in the new license Block Q10a offshore Netherlands, at the same time as 20% of its license shares in the adjoining Block Q7 has been transferred to a state-owned company in the Netherlands.

The Dutch Ministry of Economic Affairs has granted permission for the splitting and part-transfer of the exploration license Q10 in the Anglo-Dutch Basin offshore Netherlands. The license has been split into a north-easterly area which is named Q10a and a south-westerly area named Q10b. Cirrus has remained operator of Q10b but has transferred its equity in Q10a to PA Resources and Smart Energy Solutions. The Interests in Block Q10a are now held by the operator Smart Energy Solutions (30%), PA Resources (30%), and the State-owned oil and gas company Energie Beheer Nederland (40%).

At the same time, Energie Beheer Nederland has exercised its right to acquire 40% of the exploration license Block Q7, thus reducing PA Resource's as well as its partner Smart Energy Solution's respective shares in the licence from 50% to 30%. The license shares in Block Q7 are now held by the operator Smart Energy Solutions (30%), PA Resources (30%) and Energie Beheer Nederland (40%).

Block Q10a, which covers approximately 53 square kilometers, contains the south-easterly extension of the Q7-FA gas accumulation discovered in 1973. The combined Q7 and Q10a area has therefore a significant remaining potential, says Ulrik Jansson, President and CEO at PA Resources.

The Anglo-Dutch Basin is a mature exploration area containing gas and condensate with an infrastructure of gas pipelines.