PA Resources gets farm-out approval for Mer Profond Sud offshore Congo

Offshore staff

STOCKHOLM, Sweden– PA Resources has received governmental approval to farm out 60% working interest to SOCO International in Mer Profond Sud exploration area offshore the Republic of Congo.

Subject to regulatory approval to enter into the third and final period of the license, the partners would look to drill an exploration well by early 2015.

Upon completion of the transaction, PA Resources will retain a 25% working interest in the license, while the Congolese state oil company, SNPC, will retain its current 15% interest.

03/05/2014