PA Resources' Interim Report 1 January – 31 March 2014

FIRST QUARTER

  • 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)

KEY EVENTS

  • 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

SUBSEQUENT EVENTS

  • 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
2014 2013 2013
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.

WEBCAST

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.

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 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.

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).

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