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Reserves update in PA Resources AB, increased reserves in Didon and Zarat
02/06/2005
STOCKHOLM – 2ND. JUNE, 2005 – RESERVE UPDATE IN PA RESOURCES AB, INCREASED RESERVES IN DIDON AND ZARAT.
Based on the evaluation in a new independent third party report, the proven and probable reserves in the Didon field and discoveries made in the Zarat exploration permit are estimated at 189 million barrels of oil equivalents, net 22.9 million barrels of oil equivalents to PAR. This will increase the PA Resource’s (PAR) total proven and probable reserves to 30.9 million barrels of oil equivalents, where of 21.1 million barrels of oil and 9.8 million barrels of equivalent gas. This represents an increase of 124%.
REVISED DIDON RESERVES
Based on a new independent reservoir engineering study an updated reserve estimate has been completed. The study has included new information from the producing Didon 4 well which was set in production in third quarter last year. This has again been correlated with a new Petrel simulation models to generate new maps and reservoir estimates. The revised proven and probable reserves in the Didon field is estimated at 32,9 million barrels of oil, net 7,3 million barrels of oil to PAR. This represents an increase of 1,5 million barrels of oil. PAR has a 22,22% working interest in the concession. The remaining working interest is held by the operator MP Zarat, a French privately own oil company.
NEW PUBLISHED ZARAT EXPLORATION PERMIT RESERVES
The new published proven and probable reserves in the Zarat exploration permit is estimated at 156.1 million barrels of oil equivalents, net 15.6 million barrels of oil equivalents to PAR where of 7.5 million barrels of oil and 8.1 million barrels of oil equivalents gas. PAR has a 9.99% working interest in the permit. The remaining working interests are held by the operator MP Zarat and the Tunisian state oil company, ETAP with 55% with the assumption that they exercises their right according to the terms in the permit. If ETAP does not exercise their right in each field the PAR working interest will remain at 22% with a net of 34.3 million barrels of oil equivalents to PAR. Included in the Zarat exploration permit new published reserves are the discoveries made in the Zarat field and the Elyssa field. In addition there have been identified several prospects in the permit where one exploration well has been planned drilled in 2006.
Stockholm the 2nd June 2005
Ulrik Jansson, President
PA Resources AB
For additional information please contact:
Ulrik Jansson, President
Tel: +46 8 21 83 82
E-mail:pa.resources@telia.com
or
Trond Bjerkan, VP
Tel: +47 22838125
E-mail: trobje@online.no
PA Resources AB
www.paresources.se |
