Wednesday, November 23, 2011

First oil at Aseng the PA increases resource production

Wednesday, November 23, 2011

Started production of oil I has field in block on the Aseng in Equatorial Guinea. The field is about 3,000 barrels of oil per day net to PA resources contribute.

The Aseng project was delivered before schedule and under budget.

First oil flowed from the field of Aseng floating production, storage and offloading (FPSO) vessel on the 6 November 2011. The rate of oil production has steadily ramped up, how have 4 subsea wells online has been turned. The field produces around 50,000 barrels of oil per day gross and has around 3,000 barrels of oil per day PA resources on a working basis interest.

"The Aseng field increases our production and is a significant additional cash flow,", said Bo Askvik, President and CEO of PA resources

"The field is 500 million after costs in the first year, which increased our financial flexibility SEK about." "We are very pleased with this successful project, which was delivered before schedule and under budget and congratulations to reach the operator on this important milestone."

First production was achieved less than 2 years sentence, some seven months ahead of schedule and about 13 percent below budget. The first tanker oil from the Aseng field is expected to be paged in December 2011.

The Aseng infrastructure provides a hub, other developments back in the future be bound can with the Alen area is developing on schedule for the first production in 2013.

PA resources has, 5.7% participation interest in the Aseng area, the operator of noble energy 38%, Atlas petroleum 27.55%, Glencore exploration 23.75% and on petroleum 5%.

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