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Drilling of sidetrack completed on the Oselvar discovery

The drilling of a sidetrack to the appraisal well
1/3-10 on the Oselvar discovery in Norway has now
been completed by the operator. A plan for the
development and operation of Oselvar will be
submitted to the Norwegian authorities during 2008.
PA Resources has a 30 percent interest in the
license.

The operator DONG E&P Norge has completed the
drilling of a sidetrack to the appraisal well 1/3-
10 at the Oselvar discovery at production license
274 (PL 274) in the southern part of the North Sea.

The drilling was carried out with the drilling
facility Mærsk Guardian at a water depth of 72
meters. The well was drilled in order to
investigate the underlying water zone and to
improve delineation of the Oselvar discovery. The
pressure was measured and water samples were
acquired from the water zone below the already
proven oil/condensate column. This work has now
been accomplished and the data acquisition is
finished.

The sidetrack was drilled totally 3 632 meters and
is terminated in deposits of early Palaeocene age,
in a position 680 meters southwest of the well 1/3-
10. Preliminary calculations of the reservoir
parameters in the sidetrack correspond with the
results from the well 1/3-10, while the reservoir
thickness penetrated was slightly less than
anticipated.

The wells show that the size of the total discovery
is approximately 2-6 million standard cubic meters
(Sm3) producible oil/condensate and 2-4 billion Sm3
producible gas, which are equivalent to 12-38
million barrels of oil equivalents oil/condensate
and 12-25 million barrels of oil equivalents gas.

The results from the wells are encouraging with
respect to a future development of the Oselvar
discovery. The operator and the partners in the
license expect to submit a plan for development and
operation of Oselvar during 2008.

The well will now be permanently plugged and
abandoned. The drilling facility Mærsk Guardian is
now ready for transfer to another operator, but
will return later during 2008 to drill an
exploration well on the Ipswich prospect, also
located in PL 274.

The licensees in PL 274 are the operator DONG E&P
Norge AS (40 percent), PA Resources Norway AS (30
percent), NORECO (15 percent) and Revus Energy AS
(15 percent).

Stockholm/Oslo, February 8, 2008
PA Resources AB (publ)

For more information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Telephone: [phone]
E-mail: [e-mail]

or

Trond Bjerkan
Vice President, PA Resources AB and
President, PA Resources Norway AS
Telephone: [phone]
E-mail: [e-mail]


PA Resources AB (publ) is a fast growing oil and
gas group company with the business strategy to
acquire, develop and exploit oil and gas reserves,
as well as explore new findings. The Group operates
in Tunisia, Norway, Great Britain, Denmark, the
Netherlands, Equatorial Guinea and the Republic of
Congo (Brazzaville). PA Resources is today one of
the largest oil producers in Tunisia. The parent
company is located in Stockholm, Sweden.

PA Resources AB`s net sales amounted to
approximately SEK 843 Million during 2006. The
company is primary listed on the Oslo Stock
Exchange in Norway (segment OB Match) and secondary
listed on the OMX Nordic Exchange in Stockholm,
Sweden (segment MidCap). For additional
information, please visit www.paresources.se.
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