PA Resources AB has entered into a heads of agreement to acquire 85% interest in a Production Sharing Agreement in block Marine XIV offshore Congo, the informs that the up-front consideration for the company owning the Licence interest amounts to USD 13 mill. In addition, PA Resources estimates the accumulated capital expenses for the development of the Likoufou Marine discovery to be USD 7,5/bbl. The preliminary development plan estimates first oil within 2-3 years depending on rig availability with a peak production of 20.000 bbls per day.