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PA Resources AB's Interim Report for the first quarter 2010

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IMPROVED OPERATING CASH FLOW

Summary first quarter 2010

  • Total revenue for the Group amounted to SEK 410.2 million, compared with SEK 330.3 million for the same period a year ago.
  • EBITDA amounted to SEK 207.5 million (159.4) and the EBITDA margin was 50.6% (48.3) during the quarter.
  • Operating profit was SEK 14.4 million (-16.7) giving an operating margin of 3.5% (-5.1).
  • Result before tax for the period was SEK -88.5 million (-48.9). Earnings per share after dilution was SEK -0.56 (-0.44).
  • Total capital expenditures have been in line with our full-year forecast of 1,400 - 1,600 million and amounted to SEK 328.7 million (336.3).
  • Cash flow from operating activities has strengthened and amounted to SEK 329.4 million (-85.7) during the first quarter.
  • After the end of the period, Bo Askvik, Executive Vice President and CFO, was appointed as the new President and CEO of PA Resources, with effect from the Annual General Meeting on 18 May 2010. At the same time PA Resources announced that a new strategy will be implemented. Details about the strategy will be published not later than in connection with the Annual General Meeting.

Comments from President and CEO Ulrik Jansson
- During the quarter, our operating cash flow strengthened, and we have paid down one bond loan and invested in operations. Unfortunately, production was lower than expected, due to technical problems at the Azurite field, which has caused a delay in peak production at the field. Together with the operator, we are working to solve the problems that caused the delay.

Stockholm, 2010-04-28
PA Resources AB (publ)
 
(For the complete Interim Report, see the attached file)

For more information, please contact:
Bo Askvik
Executive Vice President and CFO, PA Resources AB
Telephone: +46 (0)8 21 83 82 (switchboard)
Mobile: +46 (0)708 19 59 18
E-mail: ir@paresources.se
 
Webcast conference call, 28 April 2010
On 28 April at 10 a.m. (CET), PA Resources will be presenting its results for the first quarter, via a webcast conference call. To participate live, visit www.paresources.se (home page), or call:
Sweden: +46 (0)8 505 598 53
UK: +44 (0)203 043 24 36
US: +1 866 458 40 87
The conference call and presentation material can also be viewed afterwards at the same 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 one of the largest 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 2,113 million during 2009. The company is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid Cap) and on the Oslo Stock Exchange in Norway (segment OB Match). For additional information, please visit www.paresources.se.

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