PA RESOURCES: PA RESOURCES FORMALLY COMPLETES THE ACQUISITION IN CONGO
The oil- and gas company PA Resources AB has now formally closed the acquisition of license shares in the exploration license Mer Profond Sud and the Azurite field in the Republic of Congo (Brazzaville).
On April 21st, 2008, PA Resources AB formally closed the transaction relating to the previously announced acquisition of 35 percent in the license Mer Profond Sud including the Azurite field situated offshore the Republic of Congo (Brazzaville). This was possible since the required regulatory approvals were achieved by the Congolese Authorities.
Financial consolidation of the assets will take place as from the beginning of the second quarter 2008.
Capital expenditures incurred during the period from the signing of the agreement until closure will also be, as earlier communicated, part of the settlement for PA Resources' 35 percent share of Mer Profond Sud.
According to the development plan, the Azurite field will commence production of oil in the second quarter of 2009.
For more information, see PA Resources' press release dated the 20th of November 2008.
Stockholm, April 22, 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
Bo Askvik
CFO, PA Resources AB
Telephone: +46 708 19 59 18
E-mail: info@paresources.se
PA Resources AB (publ) is a fast growing oil and gas group 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, 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 2,751 Million during 2007. 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.
