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PA Resources Awarded German Offshore Licence

Source: www.gulfoilandgas.com 1/3/2011, Location: Europe

PA Resources announces the award of German offshore licence adjacent to its Danish Licence 12/06. Two wells will be drilled on the Danish licence in 2011.

The State Office for Mining, Energy and Geology of Schleswig-Holstein has awarded PA Resources UK Limited the German offshore Licence B20008-73 with 100% working interest and operatorship. This licence, which will be effective 1st January 2011, lies in the so-called "duck's bill" or 'entenschnabel' area of the German North Sea, between Denmark and the Netherlands.

In the first half 2011 PA Resources will be drilling two wells in the Danish Licence 12/06 (PA Resources 64%, operator), immediately adjacent to this new licence award and with similar exploration objectives to potential targets in the new award. These two wells will form important, modern data points to allow an up to date evaluation of the prospectivity of the German Licence.

Bo Askvik, President and CEO of PA Resources, commented: "This is a logical, low cost add-on to our Danish position and offers upside potential in the event of success in our 2011 Danish drilling campaign. Our focus is on exploring the basin rather than being limited by national boundaries and this award complements and builds upon our Danish position".

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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