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PA Resources Starts Drilling on the Serraquia Prospect in Tunisia

11-29-2007

PA Resources AB has commenced the drilling of an exploration well on the Serraguia prospect in the Makthar exploration permit in western Tunisia. PA Resources is operator and has a 45% working interest in the license.

"This is the second exploration well we are drilling as part of the ongoing drilling program at the Makthar permit," said Ulrik Jansson, president and CEO at PA Resources. "The Serraguia prospect is very interesting, and the close proximity of existing production facilities makes it possible to achieve an early production start if we discover oil."

Earlier this autumn, the rig CTF-06 drilled an exploration well in the Linda prospect. Two intervals of potential hydrocarbons were penetrated and a decision to perform a production test of these zones was made. Unfortunately, the strong demand for well testing in Tunisia delayed the delivery of the required testing equipment, and the production test of the Linda-1 well was consequently delayed. Delivery of the required equipment to the site has now started, and the production test is scheduled to commence early in December.

PA Resources owns, through a subsidiary, a 45% working interest in the license and is the license operator. The other partner is ETAP, which owns a 55% working interest.