PA Resources farms out Marine XIV exploration license

Congo (Brazzaville) has approved PA Resources Congo SA's farmout of a 72.5% interest in the offshore Marine XIV exploration license to a consortium led by Soco Exploration & Production Congo.

March 9, 2009

Uchenna Izundu
OGJ International Editor

LONDON, Mar. 9 -- Congo (Brazzaville) has approved PA Resources Congo SA's farmout of a 72.5% interest in the offshore Marine XIV exploration license to a consortium led by Soco Exploration & Production Congo.

Soco, the operator, is shooting 3D seismic over the acreage, which is expected to be completed during the first quarter.

The license, which spans 265 sq km and lies in110 m of water, is in the Lower Congo basin with three discontinuous sections. There has been previous exploration activity on the block resulting in some oil discoveries.

Soco's partners include Lundin Petroleum AB and Raffia Oil SARL.

In September PA Resources agreed to sell a 29.4% working interest to Soco, 21.55% to Lundin Petroleum, and 21.55% to Raffia Oil. PA Resources will have a 12.5% percent interest in the license and the national oil company Societe Nationale des Petroles du Congo will hold 15%.

Contact Uchenna Izundu at [email protected].