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PA Resources AB: Interim Report first quarter 2011

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Summary

  • Total revenue for the Group during the first quarter amounted to SEK 583.2 million (410.2).
  • EBITDA for the quarter totalled SEK 358.8 million (207.5). 
  • Profit before tax for the first quarter was SEK 143.3 million (-88.5).
  • Earnings per share before and after dilution were SEK 0.08 (-0.27).
  • A five-year unsecured bond loan of NOK 900 million, with proceeds payable in April, was issued to refinance bond loans maturing in June 2011 and March 2012.
  • Following completion of the refinancing in April, cash and cash equivalents amounted to SEK 500.4 million.
  • The drilling rig for Didon North is at location since the beginning of May, and spud of the production well is imminent.

FINANCIAL KEY RATIOS

Q1 2011 Q1 2010 2010
Revenue (SEK million) 583.2 410.2 2 226.7
EBITDA (SEK million) 358.8 207.5 1 275.7
EBITDA margin (%) 61.5% 50.6% 57.3%
Operating profit (SEK million) 139.9 14.4 490.4
Operating margin (%) 24.0% 3.5% 22.0%
Profit/loss before tax (SEK million) 143.3 -88.5 179.3
Earnings per share after dilution (SEK) 0.08 -0.27 -0.61

 (For complete Interim Report, see the attached file)

Stockholm 4 May, 2011
PA Resources AB (publ)


For additional information, please contact:
Bo Askvik
President and CEO, PA Resources AB                               
Telephone: +46 8 21 83 82 (switchboard)
Mobile: +46 70 819 59 18
E-mail: ir@paresources.se 

or

Nicolas Adlercreutz
CFO, PA Resources AB
Telephone: +46 8 21 83 82
Mobile: +46 70 587 44 88

Webcast conference call
PA Resources’ results for the first quarter 2011 will be presented on 4 May at 10 a.m. (CET) via a webcast conference call. To participate, see link at www.paresources.se or please call:

Sweden: +46 8 505 598 53
UK: +44 203 043 24 36
US: +1 866 458 40 87

An on-demand version of the web cast is available at www.paresources.se after the presentation.

 

 

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. The parent company is located in Stockholm, Sweden.
PA Resources’ net sales amounted to SEK 2,227 million during 2010. The company is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (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 08.15 CET on 4 May, 2011.

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