PA RESOURCES: PRODUCTION START AT THE VOLVE FIELD IN THE NORTH SEA
The production of oil and gas has started on the Volve field in the Norwegian part of the North Sea. The oil- and gas group PA Resources owns a 10 percent working interest in the production license for the field.
The Volve field is situated approximately 200 kilometres west of Stavanger, in the southern part of the Norwegian continental shelf. The oil on the field is produced by the jack-up platform Mærsk Inspirer, and the vessel Navion Saga is used for storing the oil prior to further transport. The gas is transported to the platform Sleipner A, where it is finally processed and exported.
The production at Volve will now be gradually increased and the field is estimated to reach its peak production of 50,000 barrels per day before the end of the first quarter 2009. The field is estimated to produce during four to five years. The extractable reserves are estimated to 78.6 million barrels of oil and 1.5 billion cubic meter of gas.
- We have now reached a major milestone and taken a step forward in the group's development. The Volve field is our first Norwegian field that has started its production. It will contribute with 5,000 barrels of oil per day to PA Resources at peak production, says Ulrik Jansson, President and CEO at PA Resources.
The operator StatoilHydro has out-sourced the whole operation of the Volve field to Mærsk. The rig Mærsk Inspirer is the world's largest jack-up rig. It is also the only jack-up rig that produces oil and gas on the Norwegian continental shelf.
Mærsk Inspirer began drilling on the Volve field in the summer of 2007 and has since then completed the processing facility. It is decided that the field will be developed by drilling eight wells, but the operator has already started to assess an additional five wells.
The licensees in the Volve field are the operator StatoilHydro (59.6 percent), Exxon Mobil (30.4 percent) and PA Resources Norway AS (10.0 percent).
Stockholm/Oslo, February 13, 2008
PA Resources AB (publ)
For more information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Telephone: +46 70 751 41 84
E-mail: info@paresources.se
or
Trond Bjerkan
Vice President, PA Resources AB and
President, PA Resources Norway AS
Telephone: +47 21 56 76 10
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, the Netherlands, 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.
