STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
PA Resources AB (STO:PAR)(OSE:PAR):
| Average production of oil per day* | |||||
| (barrels per day) | Year to Date 2012 | Feb-12 | |||
| West Africa | 6,400 | 6,200 | |||
| North Africa | 2,600 | 2,500 | |||
| Group Total | 9,000 | 8,700 |
* Production based on Working Interest, which is PA Resources’ share of the total gross production of the oil fields before deduction of royalty and taxes etc. Production figures are preliminary.
- During February, one well in the Azurite Field in Republic of Congo experienced a marked decline in production rate and is now flowing at a very low rate, which has caused field production to drop by around 2,000 barrels per day in total (approx. 700 barrels per day net to PA Resources on a working interest basis). This well has a relatively complicated dual zone completion which has failed to function as designed. The operator is attempting to restore higher rates for the well whilst endeavouring to diagnose the cause of these problems and determine remedial options.
- In the beginning of March, production from Aseng Field in Equatorial Guinea reached its planned plateau level of around 60,000 barrels per day (approx. 3,400 barrels per day net to PA Resources on a working interest basis).
Stockholm, 7 March 2012
PA Resources AB (publ)
PA Resources AB (publ) is an international oil and gas group which conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden.
PA Resources’ net sales amounted to SEK 2,154 million during 2011. The company is listed on the NASDAQ OMX in Stockholm, Sweden (segment Mid Cap). For additional information, please visit www.paresources.se.
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 08.30 CET on 7 March 2012.
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