OilVoice - PA Resources Reports Oil Discovery in the Republic of Congo

PA Resources Reports Oil Discovery in the Republic of Congo

Friday, July 17, 2009

An oil discovery has been made at the Turquoise Marine-1 prospect in the Mer Profond Sud Block offshore the Republic of Congo. PA Resources holds a 35 percent working interest in the block.

The operator Murphy Oil has today announced an oil discovery at the Turquoise Marine-1 prospect located in the Mer Profond Sud Block, offshore the Republic of Congo. The well was drilled in 1,610 meters of water to a total measured depth of 3,675 meters and encountered in excess of 41 meters of net oil pay. The Turquoise Marine-1 discovery is located approximately 28 kilometres from the Azurite field, in which PA Resources is a 35 percent licence partner.

"Turquoise Marine-1 is an important oil discovery for PA Resources - it's our second discovery in the Mer Profond Sud Block. We will be looking at appraisal and development options for Turquoise Marine-1 in the coming months and will be seeking to optimize the existing Azurite field infrastructure," says Ulrik Jansson, President and CEO at PA Resources.

David M. Wood, President and Chief Executive Officer of Murphy Oil commented, “Turquoise Marine-1 was an important well for our Company and we are very pleased with the results. This marks our second discovery in the MPS Block; the rig now moves to the Diamant Marine-1 prospect which lies even closer to the Azurite field.” He also added, “We will be looking at appraisal and development options for Turquoise Marine-1 in the coming months and seeking to optimize the existing Azurite field infrastructure.”

Murphy Oil Corporation serves as operator and has a 50 percent working interest in Turquoise Marine-1 and the Mer Profond Sud block. Partners are PA Resources (35 percent) and Société Nationale des Pétroles du Congo (15 percent).

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