PA Resources AB has now formally closed the acquisition of license shares in the exploration license Mer Profond Sud and the Azurite field in the Republic of Congo (Brazzaville).
On April 21st, 2008, PA Resources AB formally closed the transaction relating to the previously announced acquisition of 35 percent in the license Mer Profond Sud including the Azurite field situated offshore the Republic of Congo (Brazzaville). This was possible since the required regulatory approvals were achieved by the Congolese Authorities.
Financial consolidation of the assets will take place as from the beginning of the second quarter 2008.
Capital expenditures incurred during the period from the signing of the agreement until closure will also be, as earlier communicated, part of the settlement for PA Resources’ 35 percent share of Mer Profond Sud.
According to the development plan, the Azurite field will commence production of oil in the second quarter of 2009.