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Tuesday, July 19, 2011

PA Resources Hits Gas Pay in Danish North Sea

- PA Resources Hits Gas Pay in Danish North Sea

Tuesday, July 19, 2011
PA Resources AB

PA Resources' subsidiary PA Resources UK Limited announced initial results of the Broder Tuck exploration well (5504/20-4), located approximately 10 kilometers south of Gorm Field in the Danish part of the North Sea.

Following some initial drilling problems, the well was drilled as a vertical well to a total depth of 3,658 meters below mean sea level in layers of Lower Jurassic/Triassic age.

The well encountered approximately 17 meters of net pay in high quality sandstones in the primary Middle Jurassic target. The reservoir was cored and an extensive wireline log, pressure and sample suite has been taken for future evaluation, with well site sample analysis showing the reservoir fluid to be gas with some condensate.

The Broder Tuck well has established a gross hydrocarbon column of at least 230 meters from the crest of the structure down to the base of the column encountered in the well. A sidetrack will now be drilled to assess the potential for additional gas volumes down-dip.

The following companies participate in Lenience 12/06: PA Resources UK Limited (64%), Nordsøfonden (Danish North Sea Fund) (20%), Danoil Exploration A/S (8%) and Spyker Energy APS (a wholly-owned subsidiary of Spyker Energy Plc) (8%).

Bo Askvik, President and CEO at PA Resources, commented, "We are delighted to have made this exciting discovery with our first operated well in the North Sea. I would like to congratulate our exploration/operations team on this outcome and to thank our partners for their continued support. We now look forward to the results of the sidetrack."

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