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PA Resources’ Year-end Report 2013

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SUMMARY Q4

  • Group revenue totalled SEK 241 million (467).

  • EBITDA was SEK 89 million (266).

  • Profit before tax* was SEK -9 million (-16).

  • New bonds of SEK 750 million were issued, and the previous SEK 850 million
    bond loan was repaid.

  • Agreement to farm out a 60% working interest in the Mer Profonde Sud permit
    in the Republic of Congo to SOCO International plc.

  • Agreement to divest a 40% working interest in licence 12/06 in Denmark and a 56%
    interest in licence B20008/73 in Germany to Dana Petroleum.

  • Production in the Azurite field in the Republic of Congo (Brazzaville) ceased and
    field abandonment commenced.

  • Production from the Didon field resumed in November following interruption
    due to an upgrading and maintenance programme.



FINANCIAL KEY RATIOS

Q4 2013 Q4 2012 Jan.-Dec. 2013 Jan.-Dec. 2012
Revenue (SEK million) 241 467 1,312 2,184
EBITDA (SEK million)** 89 266 536 1,255
EBITDA margin** 37% 57% 41% 58%
Operating profit (SEK million) * 53 178 338 684
Operating margin * 22% 38% 26% 31%
Profit before tax (SEK million) * -9 -16 132 85
Profit for the period -402 -340 -1,219 -1,966
Earnings per share after dilution (SEK) -3.55 -102.62 -21.54 -1 006.22

* The figures for the fourth quarter and twelve-month period 2013 are exclusive of non-cash, one-off costs of SEK 335 million and SEK 1,473 million before tax and SEK 335 million and SEK 1,127 million after tax, respectively. Figures for the fourth quarter and twelve-month period 2012 are exclusive of non-cash, one-off costs of SEK 169 million and SEK 1,748 million before and after tax, respectively.

** EBITDA and the EBITDA margin for the twelve-month period 2013 are exclusive of non-cash, one-off costs of SEK 462 million related to the farm-out of Tunisian offshore assets, which was conducted during the second quarter of 2013 and decommissioning costs amounting to SEK 469 million related to abandonment of the Azurite field which was expensed during the third quarter.


For the complete report, see attached file.

Stockholm, 5 February 2014
PA Resources AB (publ)

For queries, please contact:
Mark McAllister, President and CEO, PA Resources
+44 203 322 0100


Webcast conference call

PA Resources' results for the fourth quarter of 2013 will be presented on 5 February 2014 at 10 a.m. (CET) via a webcast conference call. To participate, use the following link:

http://www.media-server.com/m/p/8hno79fm

To participate via phone, please call:

Sweden: +46 8 505 564 74
UK: +44 203 364 53 74
US: +1 855 753 22 30
 

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, the Republic of Congo (Brazzaville), Equatorial Guinea, the United Kingdom, 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’ net sales amounted to SEK 1,312 in 2013. The company is listed on 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 08.15 CET am on 5 February 2014.

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