New CEO at PA Resources
The Board of Directors of PA Resources has decided with immediate effect to appoint Board member Philippe R Probst as the company’s CEO. Bo Askvik is thereby leaving his position as CEO but will be available to the company for a number of months. Philippe R Probst will be CEO during an interim period and the Board intends to start immediately on the work of recruiting a permanent CEO.
It is well known that PA Resources has been in a vulnerable financial situation for some time. The ownership structure changed during the spring and the company acquired an almost entirely new Board at the Annual General Meeting on 14 May.
The newly appointed Chairman of the Board, Sven A Olsson, comments: “With a new Board and a changed ownership structure, it is natural to also replace the CEO.”
Philippe R Probst, who has been appointed CEO, has many years of experience of the oil industry with a past which includes Exploration and Production Manager within the Shell Group as well as a position with the Swiss oil company Addax. He presently acts as advisor to companies mainly in Africa and the Middle East.
The new Board and CEO will work to create a long-term stable foundation for the continued operations of PA Resources.
As already announced, Tomas Hedström has been appointed as CFO of the company and took up his position on 2 May 2013.
Stockholm, 15 May 2013
PA Resources AB (publ)
For queries, please contact:
Sven A Olsson, Chairman of the Board of PA Resources
+46 708241970
PA Resources AB (publ) 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 2,184 million in 2012. The company is listed on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit www.paresources.se.
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 8.30 a.m. CET on 15 May 2013.
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