White Rose Increases Its Interest in Block H

The oil company White Rose Energy has announced a farm-in to Block H in Equatorial Guinea, which contributes to an advancement of the exploration activities in the block. An exploration well is going to be drilled in 2012. PA Resources is one of the partners in Block H.

The oil and gas company PA Resources notes the press release issued by White Rose Energy Ventures regarding its farm-in to Block H in Equatorial Guinea. White Rose is acquiring an aggregate interest of 48.75% from Atlas Petroleum International and ROC Oil (Equatorial Guinea) Company and becomes technical manager of activities on the block.

Exploration activities at Block H are now advancing. The current period of the production-sharing contract has been extended to February 2013 and an exploration well is scheduled to be drilled in 2012. Block H contains several prospects and leads, including the Aleta prospect, planned for drilling.

The interests of the partners following the farm-in are shown below (percentages in brackets are the adjusted participating interests reflecting the right of GEPetrol to assume a 5% interest):
White Rose Energy Ventures 48.75% (46.3125%)
Atlas Petroleum International 25.00% (23.75%)
Roc Oil (Equatorial Guinea) Company 20.00% (19.00%)
PA Resources (through Osborne Resources Limited) 6.25% (5.9375%)