Danoil backs into German offshore license

Offshore staff

STOCKHOLM, Sweden – PA Resources (PAR) has farmed out a 10% interest in German North Sea license B20008/73 to Danoil Exploration.

The concession is adjacent to PAR’s Danish license 12/06, which contains the 2011 gas/condensate and oil discoveries Broder Tuck and Lille John.

Studies are in progress to assess the prospects for developing Broder Tuck, and the company and its partners hope to draft in a rig for an appraisal well on Lille John.

The German license appears to be prospective at similar levels to these discoveries and to other nearby fields offshore Denmark and the northern Netherlands in Jurassic sandstone, Cretaceous chalk, and Miocene sandstone.

Danoil will part-carry PAR’s costs of a planned 3D seismic survey over the license and adjacent areas.

11/26/2012

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