Interim Report 1 January – 31 March 2015

FIRST QUARTER

  • Group revenue totalled SEK 112 million (178)
  • EBITDA was SEK 460 million (117)
  • Profit after tax was SEK 288 million (-48)
  • Earnings per share were SEK 2.55 (-0.43)

KEY EVENTS DURING THE QUARTER

  • Extraordinary General Meeting in PA Resources supported the board’s proposal not to put the company in to liquidation.
  • PA Resources requested further deferral of interest payments and waivers of financial covenants.
  • PA Resources filed for corporate reorganisation on 26 March and the application was approved by Stockholm District Court 27 March.
  • Bondholders meeting scheduled for 31 March was cancelled.
  • Gunvor Group enforced its security under the RBL and as a result the company’s assets in Equatorial Guinea were transferred to Gunvor.

SUBSEQUENT EVENTS

  • Gunvor Group informed PA Resources of its intention not to participate in a new financing solution.
  • Gunvor Group petitioned for bankruptcy in PA Resources AB on 7 April and recalled the petition on 15 April.
  • A creditors meeting was held 15 April and the Stockholm District Court approved continued reorganisation until 29 June.
  • PA Resources postponed the release of the annual report and the AGM until 24 June and 28 July respectively.
  • Jerome Schurink resigned as director and chairman of the board in PA Resources AB. Philippe Probst was appointed as the acting chairman.
  • PA Resources has reached an agreement with its major creditors regarding funding for 2015.
  • PA Resources has filed a petition to extend the corporate reorganisation a further three months

FINANCIAL KEY RATIOS

  Jan - Mar Full year
2015 2014 2014
Average production, barrels/day 3,400 3,400 3,100
Revenue, SEK million 112 178 603
EBITDA, SEK million 460 117 -481
EBITDA margin, % 412% 66% -80%
Operating profit, SEK million 426 74 -2,667
Profit for the period, SEK million 288 -48 -2,957
Earnings per share after dilution, SEK 2.55 -0.43 -26.13

FINANCIAL CALENDAR

Interim report Q2 (January-June)                      17 July 2015
AGM 2015                                                      28 July 2015
Interim report Q3 (January-September)             28 October 2015
Year-end Report (January-December)                3 February 2016        

CONTACT

Queries concerning this report can be directed to:

Tomas Hedström, CFO
+46 8 545 211 50
ir@paresources.se

Mark McAllister, President and CEO
+46 8 545 211 50
ir@paresources.se

DISCLOSURE
The information in this interim report is such that PA Resources AB is required to disclose pursuant to the Securities Market Act and Financial Instruments Trading Act. Submitted for publication at 08:00 a.m. (CET) on 26 June 2015.

PA Resources AB (publ) is an international oil and gas group which conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), United Kingdom, Denmark, Netherlands and Germany. PA Resources has oil production in Tunisia. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 603 million in 2014. The share is listed on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit www.paresources.se.

About Us

PA Resources AB is an international oil and gas group which conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 2,154 million during 2011. The company is listed on the NASDAQ OMX in Stockholm, Sweden (segment Mid Cap).

Subscribe

Documents & Links