PA Resources Contracts AGR Group - 270 Day well management for Tunisia drilling campaign

AGR Group’s (OSE:AGR) Petroleum Services division announced today that it had signed a 270 day minimum well management contract with listed field operator PA Resources for wells in the Didon Field and the Zarat permit in Tunisia. The contract includes a 225 day option to extend, with further possible options beyond this period.

Richard Erskine, Executive Vice President of Petroleum Services at AGR Group commented, “We are very pleased with this solid endorsement of AGR Group’s well management capabilities. We have previously worked with PA Resources in Tunisia, and this major contract is a testament to the skills and capabilities of the team within AGR, and is further objective evidence of the trust that operators have in our capacity to deliver across the globe.”

PA Resources sourced the Ensco 85 jackup for the upcoming programme. The spudding of the first well is anticipated for January 2008 in the Didon field. During the initial 270 days revenue to AGR Group is estimated to be approximately NOK 70 Million.