PA Resources' Interim Report 1 January – 31 March 2014
- Group revenue totalled SEK 178 million (359)
- EBITDA was SEK 114 million (211)
- Profit after tax was SEK -48 million (34)
- Earnings per share were SEK -0.43 (1.57)
- Successful long term drilling test carried out on Diega – pilot well encountered oil
- The Mer Profonde Sud farm-out received governmental approval
- Working capital facility of USD 50 million signed with Gunvor
- Nomination committee proposes new Chairman and new board member
- Uncertainty and delays in the farm-out process in Tunisia
FINANCIAL KEY RATIOS
|January - March||Full year|
|Average production, barrels/day||3,400||6,800||4,600|
|Revenue, SEK million||178||359||1,049|
|EBITDA, SEK million||114||211||-494|
|EBITDA margin, %||64%||59%||neg|
|Operating profit, SEK million||71||117||-1,234|
|Profit for the period, SEK million||-48||34||-1,219|
|Earnings per share after dilution, SEK||-0.43||1.57||-21.54|
For the complete Interim Report, see attached file.
PA Resources' results for the first quarter of 2014 will be presented on 16 April 2014 at the Annual General Meeting. An on-demand webcast will be available on PA Resources’ website www.paresources.se after the AGM.
Queries concerning this report can be directed to:
Tomas Hedström, CFO
+46 8 545 211 50
Mark McAllister, President and CEO
+46 8 545 211 50
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 07:30 a.m. (CET) on 16 April 2013.
PA Resources in brief
PA Resources AB (publ) is an international oil and gas group that conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, the Republic of Congo (Brazzaville), Equatorial Guinea, the United Knigdom, Denmark, the Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ shares are listed on NASDAQ OMX in Stockholm, Sweden. For further information, please visit www.paresources.se.