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Sunday, 20 July, 2008, 21:00 GMT | more prices >>

PA makes splash off Congo-Brazzaville



By Upstream staff 

Sweden's PA Resources has sealed a deal with US player Murphy Oil which will see it take a 35% stake in the Mer Profond Sud permit - which holds the Azurite field in - off Congo-Brazzaville.

PA will pay $110 million in cash and stump up $23 million for two exploration wells in return for the stake.

PA said the move will add recoverable reserves of 26 million barrels of oil to its portfolio.

The Swedish company is already active in Congo-Brazzaville's offshore play, holding the operatorship of Block Marine XIV.

Azurite, which has estimated recoverable reserves of 75 million barrels of oil, is expected to come on stream in the second quarter of 2009, with expected peak production pegged at about 40,000 barrels per day.

The Mer Profond Sud permit also holds 19 undrilled prospects and identified leads. Four of these have been matured to drill-ready status.

The acquisition is subject to normal regulatory approvals by the Congolese Ministry of State, Ministry in charge of Hydrocarbons. PetroAdvisor has acted as advisor for PA Resources in the process.

Murphy retains a 50% interest in the permit as well as in the Azurite field and will remain operator. Partners on the block include PA Resources (35%) and SNPC (15%).


Tuesday, 20 November, 2007, 08:45 GMT  | last updated: Tuesday, 20 November, 2007, 08:45 GMT

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