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-PA Resources, Lundin Petroleum to discontinue operation at well off Congo-Brazzaville.

M2 EQUITYBITES-December 23, 2011--PA Resources, Lundin Petroleum to discontinue operation at well off Congo-Brazzaville(C)2011 M2 COMMUNICATIONS http://www.m2.com

23 December 2011 - Swedish PA Resources AB (STO:PAR) and Lundin Petroleum AB (STO:LUPE) said Thursday they would abandon wildcat Makouala Marine-1 offshore Congo-Brazzaville as it proved hydrocarbons but the overall pay thickness was not deemed commercially viable.

The exploration well in block Marine XIV reached a depth of some 2,700 m below mean sea level. Under the terms of an agreement signed in 2009, the costs for this well are covered by PA Resources' licence partners.

This was the second out of two or three wells planned in the area, Lundin Petroleum said.

PA Resources holds 12.5% in Marine XIV. The block is operated by Soco Exploration and Production Congo SA, part of UK-based Soco International plc (LON:SIA), which has 29.4%. The other partners are Lundin Petroleum with 21.55%, Raffia Oil with 21.55% and the National Petroleum Company of the Congo (SNPC) with 15%.

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Publication:M2 EquityBites (EQB)
Geographic Code:6CONG
Date:Dec 23, 2011
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