This report summarizes production and sales of crude oil and gas in the PA
Resources Group during the first quarter 2007.
Total production
- Total oil- and gas production in the Group during Q 1 2007
(1 January - 31 March 2007): 637,000 (283,000) BOE
Crude oil production
- Average oil production per day during Q 1 2007: 7,082 (3,144) barrels per day
- Total oil production during Q 1 2007: 637,000 (283,000) BOE
- Accumulated oil production January - March 2007: 637,000 (283,000) BOE
- Oil sales during Q 1 2007: 296,000 (529,000) BOE
Here of export sales: 78,000 (515,000) BOE
Here of local sales: 218,000 (14,000) BOE
- Average sales price during Q 1 2007: 53,44 (57,04) USD per barrel
Gas production
No gas has been produced for sale during the first quarter.
Comments
- All the production for Q1 2007 comes from the Tunisian assets.
- Production on the Didon-platform in Tunisia:
The uptime on the Didon platform during the first quarter 2007 has been very
good, despite preparatory work to hook-up the new well Didon 6, shutdown of the
platform due to technical faults on the old export system and the hook-up of the
new export system. In the first quarter, the production on the platform has been
shut down during a total of 16 days.
In late March, the production on the Didon platform reached a level of 20.000
barrels per day and the platform uptime for March was 94 percent including two
days shutdown of production in order to hook-up and start the new export
system.
Currently the production level is stabilised just above 20.000 barrels per day
and the water content in the wells is only 0.3 percent. By the 13th of April
the uptime on the Didon platform was 100 percent. The new wells are currently
being tested in order to establish max production rates etc. The plan going
forward will be to increase production capacity above the 20.000 barrels per
day.
Based on production data gathered from the new wells, our current production
profile is in line with both our own reservoir model and the third party review
completed in the first quarter 2007 by RPS Energy.
Explanations
- Comparative figures in brackets show figures for the same period last year.
- BOE = barrels of oil equivalent
- Uptime measured in percent shows to what extent the facility has been in
operation without shutdowns.
Oslo/Stockholm, April 16, 2007
PA Resources AB (publ)
For more information, please contact:
Trond Bjerkan
Vice President, PA Resources AB
Telephone: +47 21567610, or +47 900 55 921.
E-mail: info@paresources.no
PA Resources AB (publ) is a fast growing oil- and gas group company with the
business strategy to acquire, develop and exploit oil- and gas reserves, as well
as explore new findings. The Group is today one of the largest oil producers
in Tunisia. The Group is also the owner of interests in twelve licenses on the
Norwegian continental shelf as well as in promising exploration areas in
Equatorial Guinea and the Republic of Congo (Brazzaville).
PA Resources AB's net sales amounted to SEK 930.1 million during 2006. The
company is listed on the SMB-list of the Oslo Stock Exchange in Norway and on
the Nordic list of the Stockholm Stock Exchange in Sweden.
For additional information, please visit www.paresources.se.
