English

PA Resources’ Interim Report for January - March 2012

Report this content

SUMMARY

  • Group revenue amounted to SEK 650 million (583) for the first quarter.
  • EBITDA for the quarter was SEK 395 million (359).
  • Profit before tax for the first quarter was SEK 68 million (143). 
  • Operating cash flow for the first quarter totalled SEK 175 million (142).
  • After the end of the quarter, a lifting of approximately 520,000 barrels of oil was completed at the Azurite field.
  • Cash flow for the first quarter together with cash flow from the Azurite lifting have reduced net debt by approximately SEK 580 million to date in 2012.
  • At the beginning of March the Aseng field reached its higher production level of around 60,000 barrels per day, giving approximately 3,400 barrels net to PA Resources.

FINANCIAL KEY RATIOS

Q1 2012 Q1 2011 Jan.-Dec. 2011
Revenue (SEK million) 650 583 2,154
EBITDA (SEK million) 395 359 1,295
EBITDA margin 60.8% 61.5% 60.1%
Operating profit (SEK million) * 214 140 508
Operating margin * 33.0% 24.0% 23.6%
Profit before tax (SEK million) * 68 143 158
Earnings per share after dilution (SEK) -0.05 0.08 -3.27

* Figures for the full year 2011 exclude non-cash, one-off costs of SEK 2,035 million before tax and SEK 1,758 million after tax.

(For complete Interim Report, see the attached file)

Stockholm, 25 April, 2012
PA Resources AB (publ)

For additional information, please contact:
Nicolas Adlercreutz
CFO, PA Resources AB
Telephone: +46 8 545 211 56
E-mail: ir@paresources.se

or

Bo Askvik
President and CEO, PA Resources AB
Telephone: +46 8 545 211 50 (switchboard)

Webcast conference call
PA Resources’ results for the first quarter 2012 will be presented on 25 April at 10 a.m. (CET) via a webcast conference call. To participate via webcast, see link on www.paresources.se or use the following link:
http://storm.zoomvisionmamato.com/player/paresources/objects/nxs1rkzc/

To participate via phone, please call:
Sweden: +46 8 505 598 53
UK: +44 203 043 24 36
US: +1 866 458 40 87

An on demand version is available after the presentation on www.paresources.se.

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), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is one of the larger oil producers in Tunisia and is also producing oil in the Republic of Congo and Equatorial Guinea. 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 Stockholm (segment Mid Cap). For additional information, see 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 07.45 CET on 25 April, 2012.

 

 

Tags:

Interim report Sweden financial report UK denmark Oil Netherlands PA Resources oil production Equatorial Guinea Tunisia Republic of Congo

Documents & Links