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Swedish oil and gas group PA Resources AB (PAR.SK) said Tuesday that production of oil has commenced on the Aseng Field in Block I in Equatorial Guinea.
-The field will contribute approximately 3,000 barrels of oil a day net to PA Resources. The Aseng project was delivered ahead of schedule and under budget.
-First oil flowed from the field into the Aseng floating production, storage and offloading (FPSO) vessel on Nov. 6, 2011.
-The oil production rate has steadily ramped up as 4 subsea wells have been brought online.
-The field is now producing approximately 50,000 barrels of oil a day gross and will contribute around 3,000 barrels of oil a day to PA Resources on a working interest basis.
-Bo Askvik, CEO, says: "The Aseng Field increases our production and gives a considerable additional cash flow. The field will contribute approximately SEK500 million after costs in the first year, which increases our financial flexibility."
-First production was achieved less than 2.5 years from sanction, some seven months ahead of schedule and approximately 13% below budget. The first tanker of oil from the Aseng field is expected to be offloaded in Dec. 2011.
-The Aseng infrastructure also provides a hub to which other developments may be tied back in the future, commencing with the ongoing Alen field development which is on schedule for first production in 2013.
-PA Resources has 5.7% participating interest in the Aseng Field, the operator Noble Energy (NBL) 38%, Atlas Petroleum 27.55%, Glencore Exploration 23.75% and GEPetrol 5%.
-Shares closed Monday at SEK2.03.
-By Dominic Chopping; Dow Jones Newswires; +46-8-5451-3093; email@example.com