PA Resources AB's Interim Report for the first quarter 2009
PA Resources AB's Interim Report for the first quarter 2009:
Focus on increased production
Focus on increased production
Summary first quarter 2009
* Group revenue referring to sales of crude oil decreased during the first quarter and amounted to SEK 330.3 (627.0) million. The decrease is due to a halving of the oil prices and temporarily lower production compared to the same period last year.
* Earnings before interest, taxes, depreciations and write-downs (EBITDA) amounted to SEK 159.4 (445.7) million.
* Operating profit amounted to SEK -16.7 (367.2) million during the quarter.
* Net result for the period amounted to SEK-63.4 (234.1) million.
* Earnings per share before dilution amounted to SEK -0.44 (1.61) and earnings per share after dilution became SEK -0.44 (1.61).
* Total equity increased to SEK 4,659.8 (3,513.3) million which corresponds to an equity/asset ratio of 48.0 (43.4) percent.
* The fully subscribed issue of convertibles generated SEK 1,089.3 million in cash equivalents to the Group which are included in the cash flow from financing activities.
Comments from Ulrik Jansson, President and CEO at PA Resources:
- Our focus during the first and second quarter is to secure the production start at the Azurite field in the Republic of Congo, which brings production in yet another region. The project is developing according to plan and the field will commence production during the end of the second quarter 2009. We will also increase the production with another producing well at the Didon field in Tunisia during the second quarter.
- Our focus during the first and second quarter is to secure the production start at the Azurite field in the Republic of Congo, which brings production in yet another region. The project is developing according to plan and the field will commence production during the end of the second quarter 2009. We will also increase the production with another producing well at the Didon field in Tunisia during the second quarter.
Stockholm, 2009-04-29
PA Resources AB
(For the complete Interim Report, see the attached file)
For more information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Mobile: +46 8 21 83 82. E-mail: ir@paresources.se
or
Presentation of Interim Report on April 29, 2009
PA Resources presents the result for the first quarter 2009 for media, analysts and investors on Wednesday April 29, at 10.00 (CET) at Scandic Anglais (Room: Birk), Humlegårdsgatan 23 in Stockholm. You can also follow the presentation or watch an on-demand version afterwards at the company's website www.paresources.se.
PA Resources presents the result for the first quarter 2009 for media, analysts and investors on Wednesday April 29, at 10.00 (CET) at Scandic Anglais (Room: Birk), Humlegårdsgatan 23 in Stockholm. You can also follow the presentation or watch an on-demand version afterwards at the company's website www.paresources.se.
PA Resources AB (publ) is an international oil and gas group with the business strategy to acquire, develop, exploit and divest oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, United Kingdom, Denmark, Greenland, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville). PA Resources is today one of the largest oil producers in Tunisia. The parent company is located in Stockholm, Sweden.
PA Resources net sales amounted to SEK 2,420 Million during 2008. The company is primary listed on the Oslo Stock Exchange in Norway (segment OB Match) and secondary listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Large Cap). For additional information, please visit www.paresources.se.