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PA Resources AB (publ), Kungsgatan 44
SE-111 35 Stockholm, Sweden
Phone: [phone] [e-mail]

http://www.paresources.se/en/

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PA RESOURCES: PA RESOURCES FARM-IN TO TUNISIAN EXPLORATION LICENCE

The oil and gas Group PA Resources has farmed-in to a 35 percent working interest in the onshore exploration permit Jenein Centre in southern Tunisia under an agreement with the Canadian oil and gas company Storm Ventures International Inc.

The permit Jenein Centre is an approximately 243 km2 onshore block situated within the Ghadames Basin in Southern Tunisia. The Ghadames Basin stretches from Algeria, across southern Tunisia into Libya and is a very prospective area with several discoveries and producing fields.

The permit was awarded to Storm Ventures International in March, 2007. The work commitment consists on shooting 3D seismic in 2008 and drilling one exploration well during 2009. So far, 250 km2 of 3D seismic has been shot and processed by the operator. The seismic shows a number of prospects and leads with expected un-risked prospective resources ranging from 5 to 30 million barrels of oil.

According to the farm-in agreement, PA Resources will pay 70 percent of the cost for the acquired 3D-seismic as well as 70 percent of the cost for the first well to earn 35 percent interest in the licence.

- Jenein Centre is situated onshore in a very prospective area, where several discoveries have been made by OMV, Pioneer and ENI during the recent years. This licence fits well into our Tunisian portfolio and will most certainly contribute to our future production, says Ulrik Jansson, President and CEO of PA Resources AB.

Operator for the permit is Storm Ventures International Inc. with a working interest of 65 percent and partner is PA Resources' Tunisian subsidiary PA Resources Tunisia with a 35 percent working interest. The farm-in is subject to normal regulatory approvals by the Tunisian authorities.

Stockholm, August 15, 2008
PA Resources AB (publ)


For more information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Telephone: [phone].
E-mail: [e-mail]
or
Trond Bjerkan
Executive Vice President, PA Resources AB
Telephone: [phone].
E-mail: [e-mail]


PA Resources AB (publ) is an international oil and gas group with the business strategy to acquire, develop and exploit oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, Norway, Greenland, Great Britain, Denmark, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville). PA Resources is today one of the largest oil producers in Tunisia. The parent company is located in Stockholm, Sweden.

PA Resources AB's net sales amounted to approximately SEK 2,794 Million during 2007. The company is primary listed on the Oslo Stock Exchange in Norway (segment OB Match) and secondary listed on the OMX Nordic Exchange in Stockholm, Sweden (segment Large Cap). For additional information, please visit www.paresources.se.

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PA RESOURCES: NEW OIL DISCOVERY CONFIRMED ON IPSWICH PROSPECT IN NORWAY

The drilling of the Ipswich well in licence PL 274 in Norway, including a sidetrack well, has now been completed and the preliminary well result confirmed. Both wells proved an oil accumulation in rocks of Paleocene age. The oil and gas group PA Resources has a 30 percent interest in the licence.

The operator for the licence PL 274 has today announced that the drilling of the exploration well 1/3-11 and the sidetrack well 1/3-11 T2 on the Ipswich prospect in Norway have been completed. The Ipswich discovery is located south of the Oselvar discovery in the southern part of the Norwegian North Sea.

The exploration well was not tested, but the discovery in the main well was further appraised by a sidetrack well where coring, pressure measurement and liquid sampling were carried out. The drilling was carried out with the drilling rig Maersk Guardian in a water depth of 72 meters. The main well was drilled to 3,232 meters and the side track well to 3,465 meters subsea. Both wells were terminated in rocks of early Paleocene age. The well has penetrated an oil column of at least 60 meters with reservoir properties comparable to Oselvar. Further evaluations and investigations are required in order to determine if the Ipswich discovery is commercial.

The well will now be permanently plugged and abandoned.

– This is a very interesting discovery and a possible joint development of the Ipswich and Oselvar discoveries could add significant value to us. The first step, however, will be a thorough evaluation of this new discovery, says Ulrik Jansson, President and CEO at PA Resources AB.

PA Resources has a 30 percent interest in the licence PL 274 together with DONG E&P Norge (operator and 40 percent), Revus Energy (15 percent) and NORECO (15 percent).


Stockholm, August 20, 2008
PA Resources AB (publ)

For more information, please contact:

Ulrik Jansson
President and CEO
PA Resources AB
Telephone: [phone]
or
Trond Bjerkan
Executive Vice President,
PA Resources AB
Telephone: [phone]