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NEW DISCOVERY OF GAS AND CONDENSATE
IN EQUATORIAL GUINEA
Noble strikes pay in Yolanda
Filed from
Aberdeen 11/14/2007 3:31:37 PM GM
EQUATORIAL
GUINEA: A new, significant discovery of natural gas and
condensate has been made at the Yolanda prospect in
Block I offshore Equatorial Guinea. This is the second
discovery of hydrocarbons made in Block I. Operator
Noble Energy's I-3 well, which tested the Yolanda
prospect, encountered a high quality Miocene reservoir
containing 45 feet (14 m) of net hydrocarbon pay.
Production
tests from the well yielded flow rates of 371 b/d of
condensate and 36 MMcf/d (1 MMcm/d) of gas, or
approximately 6,371 BOE/d, with production rates limited
by test facilities. The well was drilled to a total
depth of 9,482 feet (2,890 m).
PA
Resources has a six percent participating interest in
the license through its unit Osborne Resources Limited.
PA Resources President and CEO Ulrik Jansson said, "The
drillings at Block I in Equatorial Guinea have been a
great success. They have proved the presence of
significant oil and gas resources in the area. So far,
we have found two significant hydrocarbon reservoirs.
More prospects will be drilled and we expect to make
more discoveries in the license area."
The
Yolanda discovery, located in 2,939 feet (896 m) of
water, is approximately 29 miles (48 km) east of Bioko
Island and 6.2 miles (10 km) south of the Benita
discovery, which is also on Block I.
Songa
Offshore drillship Songa Saturn will remain on Block I
to test an additional Miocene exploration prospect that
is on trend with the Belinda discovery at Block O
offshore Equatorial Guinea.
Noble
Energy is the technical operator of Block I with a 40
percent participating interest. Other partners include
Atlas Petroleum International Limited, the
administrative operator, with 29 percent interest and
Glencore Exploration Ltd. with 25 percent participating
interest.
PA RESOURCES: NEW DISCOVERY OF GAS AND
CONDENSATE
IN EQUATORIAL GUINEA
A new,
significant discovery of gas and condensate has been
made at the Yolanda prospect in Block I in Equatorial
Guinea.
This is the second discovery of hydrocarbons
made in Block I. PA Resources has a six percent
participating interest in the license.
The operator Noble Energy, Inc. today announced a new
discovery on Block I offshore Equatorial Guinea.
The ‘I-3’ well, which tested the
Yolanda prospect, encountered a high quality Miocene
reservoir containing 14 meters of net hydrocarbon pay.
Production tests from the well yielded flow rates of 371
barrels per day of condensate and 36 million cubic feet
per day of natural gas, or approximately 6,371 barrels
of oil equivalent per day, with production rates limited
by test facilities. The well was drilled to a total
depth of 9,482 feet (2,890 meters).
The drillings at Block I in Equatorial Guinea have
been a great success. They have proved the presence of
significant oil and gas resources in the area. So far,
we have found two significant hydrocarbon reservoirs.
More prospects will be drilled and we expect to make
more discoveries in the license area, says Ulrik Jansson,
President and CEO at PA Resources.
The Yolanda discovery, located in 896 meters of water,
is approximately 48 kilometers east of Bioko Island and
10 kilometers south of the Benita discovery, which is
also on Block I.
The Songa Saturn drillship will remain on Block “I”
where it will move to test an additional Miocene
exploration prospect that is on trend with the Belinda
discovery located on Block “O” offshore Equatorial
Guinea.
Noble Energy is the Technical Operator of Block I with a
40 percent participating interest. Its partners on
the block include Atlas Petroleum International Limited
(29 percent participating interest), who is the
Administrative Operator, Glencore Exploration Ltd. (25
percent participating interest) and Osborne Resources
Limited, a company within the PA Resources Group (six
percent participating interest).
GEPetrol (the national oil company of the Republic of
Equatorial Guinea) has a five percent carried interest
once commerciality has been determined.
Stockholm, November 14, 2007
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
Trond Bjerkan
Vice President, PA Resources AB
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, 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.
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