Elyssa appraisal well in prospect offshore Tunisia

Offshore staff

STOCKHOLM, Sweden – PA Resources (PAR) continues to seek farm-in partners for the Zarat license offshore Tunisia.

In December, the company reached a preliminary agreement with Sonde Resources, which holds the joint oil block license north of the Zarat concession, concerning unitization principles for the Zarat field.

Work on a joint plan of development continues, and this is expected to be submitted to the Tunisian regulatory authority around mid-year.

PAR and Sonde are conducting a detailed technical evaluation of the reservoir. Early results suggest gas recovery could be feasible after initial oil and condensate production.

Evaluation also continues for the Zarat license, based on a recently updated seismic model. The license has been extended until 2015, with a commitment to drill an appraisal well on the Elyssa field and an exploration well on another structure.

The Elyssa well should be drilled this year, although this remains contingent on a successful farm-out of the Zarat license.

Elsewhere, PAR says the Alen field development in block I off Equatorial Guinea is on track for start-up this summer, at cost below the sanctioned budget.

Onshore construction activities are nearing completion, with preparations under way for load-out of major modules.

During the current quarter, an exploration well should be drilled on the block I Carla South prospect, which is on a trend proven by the 2011 block O Carla discovery.

In the North Sea, PAR is looking for a rig for next-phase drilling on Danish license 12/06, and studies continue to evaluate appraisal needs and development options for the discoveries.

The Dutch North Sea Q7/10a joint venture could drill an appraisal/development well this fall on the Q7-FA discovery, subject to rig availability.

2/6/2013

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