PA Resources Farms Out 10 Pct of Its Offshore Germany Licence

PA Resources Farms Out 10 Pct of its Offshore Germany Licence

 PA Resources has farmed out a 10% interest in German licence B20008/73 adjacent to the PA Resources operated Danish licence 12/06 in which the Broder Tuck and Lille John discoveries were made in 2011.

Subject to the necessary regulatory approvals, the company’s subsidiary PA Resources UK Limited will farm out a 10% interest in Licence B20008/73 offshore Germany to Danoil Exploration A/S. After the farmout PA Resources will retain a 90% interest.

Licence B20008/73 lies partially adjacent to PA Resources operated Danish licence 12/06 (PA Resources 64%, Danoil 8%) in which the Broder Tuck gas-condensate and Lille John oil discoveries were made last year. Detailed studies are on-going to assess the scope to progress the Broder Tuck field directly to development, whilst it is expected that an appraisal well on Lille John will be drilled as soon as a rig slot can be secured. The German licence is prospective at similar levels to the PA Resources successful discoveries and to other nearby fields in Denmark and the northern Netherlands, specifically Jurassic sandstone, Cretaceous chalk and Miocene sandstone. Under the terms of the farmout, Danoil partially carry PA Resources costs to obtain extensive 3D coverage over the licence and adjacent areas.

Bo Askvik, president and CEO of PA Resources, commented “We are delighted to welcome Danoil into our German licence. Danoil is a supportive partner in our Danish Licence and we look forward to jointly developing similar prospectivity in the adjacent German portion of the basin. Our strategy is to effectively explore the basin without regard to the national boundary, which does not reflect any notable change in geology or prospectivity”.

Press Release, November 26, 2012

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