This report summarizes production and sales of crude oil and gas in the PA
Resources Group during the month of November 2007.
Crude Oil
Total oil production in the Group during November 2007: 438,000 barrels
Average oil production per day during November 2007: 14,600 barrels per day
Accumulated oil production January - November 2007: 5,107,000 barrels
Oil sales during November 2007: 779,000 barrels
- Divided into export sales: 468,000 barrels
- and local sales: 311,000 barrels
Average sales price during November 2007: 88.72 USD per barrel
Gas
No gas has been produced or sold during the month.
Comments
Oil has been sold at the record high average sales price of 88.72 USD per
barrel during November, to be compared with the average price during January -
September 2007 of 66.98 USD per barrel.
All the production for November 2007 comes from the Tunisian onshore- and
offshore assets.
The El Bibane project in Tunisia has made good progress in November and the
field will restart production in December. Start-up of the Norwegian Volve
field is also planned for before the end of the year. Including these
production starts, PA Resources will meet the forecasted production of 16,000
barrels of oil per day by end of 2007.
An existing sub sea well has been put back into production on the Didon field
in Tunisia during November. Production regularity on the Didon field was
recorded to 99 percent for the period.
The lower than planned production for the month is caused by the
underperformance of one well on the Didon field. This is caused by an
unfavourable well trajectory in the reservoir combined with very good reservoir
quality in the field. It can only be amended through a work over and
recompilation program. Such a program is currently being analysed. Production
during first quarter 2008 will suffer from the underperformance. However
guidance on average production for 2008 is maintained.
The preparations for the 2008 drilling programme in Tunisia are well
advanced. The Ensco 85 rig will start in the first quarter 2008 by drilling a
new production well on the Didon field, followed by an exploration well in the
north western parts of the field.
Oslo, December 10, 2007
PA Resources AB (publ)
For more information, please contact:
Trond Bjerkan
Vice President, PA Resources AB
Telephone: +47 21 567610. 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 operates in Tunisia, Norway, Great Britain,
Denmark, Equatorial Guinea and the Republic of Congo (Brazzaville). PA
Resources is today one of the largest oil producers in Tunisia. The parent
company is located in Stockholm, Sweden.
PA Resources AB's net sales amounted to approximately SEK 843 Million during
2006. The company is primary listed on the Oslo Stock Exchange in Norway
(segment OB Match) and secondary listed on the OMX Nordic Exchange in
Stockholm, Sweden (segment MidCap). For additional information, please visit
www.paresources.se.
