Petroleum Africa
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Friday, October 12, 2007
PA Resources, holder of acreage in North and West Africa, has just announced that it is expanding its portfolio with the acquisition of Scotsdale Ltd. The acquisition extends PA Resources’ position in the North Sea as Scottsdale holds considerable acreage in the region.
Scottsdale operates a total of 10 licenses covering 16 blocks in the North Sea and is a joint venture partner in a license in the East Irish Sea. Eight of the licenses are situated in British waters and two block licenses at the Danish part of the North Sea. In addition, Scotsdale has applied for acreage with existing discoveries offshore Netherlands. The unrisked resources for the Scotsdale share of the portfolio are appraised at approximately 270 million barrels of oil equivalents. Scottsdale’s licenses offer PA Resources a number of near-term drilling opportunities as well as longer-term development of interesting exploration areas.
"PA Resources is excited by this new opportunity to participate in the exploration in the British and Danish offshore sectors. This acquisition, together with our Norwegian portfolio of licenses, demonstrates PA Resources’ ambition to grow and expend our operations in the North Sea." says Ulrik Jansson President and CEO of PA Resources AB.
Scotsdale management team will continue in place and will concentrate on developing the existing prospects for drilling in 2008-2009 as well as further portfolio growth.
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