News

January 20, 2010

PA Resources Chases More Reserves In West Africa As Azurite Approaches Peak Production

The production profile of PA Resources, the Stockholm- and Oslo-listed E&P, continues to move in the right direction with the company reporting average production numbers of 13,300 barrels per day for Q4 2009, a firm improvement on the 8,700 bpd pumped at the beginning of that year. The production growth came on the back of increased investment in its existing production hub in Tunisia as well as the development of the Azurite oilfield offshore the Republic of Congo, which came onstream in August 2009.

Even so, average production for the full-year, which came in at 11,200 bpd, was at the lower end of the guidance range issued earlier in 2009.  This was largely down to the Azurite development taking slightly longer to hit peak production (it had been expected at the turn of the year but is now due during Q1 2010) and declines in the mature Didion field offshore Tunisia.

But investors can’t really complain at this as the company has done well to deliver the strategy introduced in 2008:...