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PA Resources Was Awarded A New Licence in UK

Source: www.gulfoilandgas.com 10/29/2010, Location: Europe

The oil and gas group PA Resources has been awarded a new licence in the UK's 26th Licensing Round by the UK's Department of Energy and Climate Change.

The award, which is provisional pending documentation and execution of licence documents, covers Block 22/18b in the Central North Sea and has been awarded to PA Resources' subsidiary PA Resources UK Limited. PA Resources UK will operate the license, with 33.34% working interest. The partners are Valiant Exploration Limited and First Oil Expro Limited, with 33.33% working interest each.

The committed work programme involves reprocessing of existing 3D seismic data to assess an identified prospect, with an option to commit to drill an exploration well.

Bo Askvik, President and CEO of PA Resources, commented: "We are pleased to have gained this licence award within our Central North Sea target area to complement our other North Sea positions"

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


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