PAR - RESERVES UPDATE IN PA RESOURCES AB, INCREASED RESERVES
STOCKHOLM - 2ND. JUNE, 2005 - RESERVE UPDATE IN PA
RESOURCES AB, INCREASED RESERVES IN DIDON AND ZARAT.
Based on the evaluation in a new independent third party
report, the proven and probable reserves in the Didon field
and discoveries made in the Zarat exploration permit are
estimated at 189 million barrels of oil equivalents, net
22.9 million barrels of oil equivalents to PAR. This will
increase the PA Resource`s (PAR) total proven and probable
reserves to 30.9 million barrels of oil equivalents, where
of 21.1 million barrels of oil and 9.8 million barrels of
equivalents gas. This reports an increase of 124%.
REVISED DIDON RESERVES
Based on a new independent reservoir engineering study an
updated reserve estimate has been completed. The study has
included new information from the producing Didon 4 well
which was set in production in third quarter last year.
This has again been correlated with a new Petrel simulation
models to generate new maps and reservoir estimates. The
revised proven and probable reserves in the Didon field is
estimated at 32,9 million barrels of oil, net 7,3 million
barrels of oil to PAR. This represent an increase of 1,5
million barrels of oil. PAR has a 22,22% working interest
in the consession. The remaining working interest is held
by the operator MP Zarat, a French privately own oil
company.
NEW PUBLISHED ZARAT EXPLORATION PERMIT RESERVES
The new published proven and probable reserves in the Zarat
exploration permit is estimated at 156.1 million barrels of
oil equivalents, net 15.6 million barrels of oil
equivalents to PAR where of 7.5 million barrels of oil and
8.1 million barrels of oil equivalents gas. PAR has a 9.99%
working interest in the permit. The remaining working
interests are held by the operator MP Zarat and the
Tunisian state oil company, ETAP with 55% with the
assumption that they exercises their right according to the
terms in the permit. If ETAP does not exercise their right
in each field the PAR working interest will remain at 22%
with a net of 34.3 million barrels of oil equivalents to
PAR. Included in the Zarat exploration permit new published
reserves are the discoveries made in the Zarat field and
the Elyssa field. In addition there have been identified
several prospects in the permit where one exploration well
has been planned drilled early 2006.
Stockholm the 2nd June 2005
Ulrik Jansson, President
PA Resources AB
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