PA Resources Confirms Additional Gas Pay Offshore Denmark

- PA Resources Confirms Additional Gas Pay Offshore Denmark

Friday, August 26, 2011
PA Resources AB

The sidetrack of the recent gas discovery at the Broder Tuck prospect in License 12/06 offshore Denmark has confirmed additional hydrocarbon column while sample analyses from the initial exploration well have indicated a higher than expected condensate content.

Bo Askvik, President and CEO at PA Resources, commented, "We are pleased to have confirmed additional hydrocarbons with the sidetrack and to be able to update on the condensate content of the gas, which exceeds our expectations and adds value to the find. This is an exciting discovery for PA Resources and we now look forward to the Lille John exploration well."

The initial Broder Tuck exploration well (5504/20-4), located approximately 10 kilometers south of Gorm Field in the Danish part of the North Sea, encountered hydrocarbon pay in the primary Middle Jurassic target during July. The well has now been sidetracked to a location approximately 680 meters from the initial well, where the Middle Jurassic sandstone again contained hydrocarbons, albeit less well developed than in the initial wellbore. The 2011 drilling program has therefore established a gross hydrocarbon column of at least 360 meters from the crest of the structure down to the base of the Middle Jurassic sandstone in this sidetrack.

Ongoing sample analyses from the initial exploration well have now confirmed the discovered hydrocarbons to be a high quality gas with condensate of approximately 44º API gravity at a ratio of approximately 80-90 barrels of condensate per million standard cubic feet of gas.

Following plugging and abandonment of Broder Tuck, the Ensco 70 rig will shortly move to drill the second exploration well in this program, Lille John, some 8 kilometers to the south.

The following companies participate in License 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%).

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New World O&G to Take Oil Concessions in Denmark

- New World O&G to Take Oil Concessions in Denmark

Monday, July 04, 2011
New World O&G plc

New World O&G has signed a non-binding letter of intent with Danica Jutland ApS, granting the Company a 65-day exclusivity period in which to undertake due diligence on two oil concessions totaling 4,107 sq km, located in the productive Jutland on-shore area in South Western Denmark ('the LOI'). Any potential investment by the Company would be in accordance with its investing policy as set out in its Admission Document.

Overview

• The LOI provides a 65-day exclusivity period to conduct due diligence on two concessions - License No. 1/09 and License No. 2/09, located on-shore in Southern Denmark ('the Licenses').
• The Company has engaged RPS Energy to undertake a Competent Person's Report in the form of a letter of opinion ('CPR') to assist New World in determining the prospectivity of the Licenses.
• Upon completion of the CPR and subject to the satisfactory completion of due diligence, it is intended that definitive transaction documents will be agreed in the form of a Farm-out and Operating Agreement with the Company being named as Operator, followed by New World being named on the Licenses for both concessions.
• The LOI contemplates (subject to due diligence including the CPR being satisfactory) a staged investment in 2D seismic, initially of US $2.5 million, followed by the right to acquire further interests on the basis of an agreed drilling program if the Company then decides to take the opportunity further. At completion of the initial stage, a 12.5% working interest in each of the Licenses would be transferred to the Company. Upon full completion of the earn-in work program, the Company has the option to obtain up to an 80% working interest in the project.

New World CEO William Kelleher said, "We are continuing to deliver on our previously stated investing policy, by bringing quality projects to the table. This region in Southern Denmark is relatively under-explored but is located at the center of the Southern Permian Basin with significant production in the immediate region. Our policy envisaged Europe to be part of the longer term strategy, however a good investment opportunity has arisen now, and the Board believes that the time is right to take advantage of the region's significant opportunities, with stable governments, and generally favorable investment regimes."

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KBR Wins Offshore Denmark EPC Contract

KBR Wins Offshore Denmark EPC Contract

Tuesday, May 03, 2011
KBR

KBR announced Monday that it has been named as subcontractor by Dragados Offshore, S.A. (Dragados) for the detailed engineering work on the South Arne Phase 3 Project, an expansion of the existing South Arne field located offshore in the Danish sector of the North Sea.

The EPC award to Dragados includes two wellhead platform topsides with weights of 1,600 tons and 1,350 tons respectively, the two jackets supporting these platforms with a weight of 2,600 tons each, as well as detailed engineering, additional support for procurement assistance and construction site support.

KBR is the subcontractor for the detailed engineering and procurement assistance, and will provide additional engineering assistance throughout the construction and installation phases. The detailed engineering work will be performed by KBR from its Leatherhead offices, under the supervision of Dragados Offshore. Completion will be achieved upon sailaway of the different elements and is targeted for April and May 2012. This term includes a seven-week period for onshore commissioning of the platforms within the Dragados Puerto Real yard.

"Working with Dragados provides a strategic opportunity for KBR to expand our technical services beyond engineering and through to project completion," said Dennis Calton, President, KBR Oil & Gas. "KBR delivered the original South Arne Project in 1999, and this award by Dragados S.A. provides KBR an opportunity to apply our engineering expertise and value to this project development."

KBR is a global engineering, construction and services company supporting the energy, hydrocarbon, government services, minerals, civil infrastructure, power, industrial, and commercial markets.

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