Summary third quarter 2009 
* Total revenue for the Group amounted to SEK 696.5 million, compared with SEK 680.4 million in the same period a year ago. 

* Production was started during the quarter at the Azurite field in the Republic of Congo, and the Group's total production amounted to 1,244,600 barrels, compared with 819,900 barrels during the second quarter of 2009.

* EBITDA amounted to SEK 499.0 million (556.3) and the EBITDA margin was 71.6% (81.8) during the quarter.

 

* Operating profit amounted to SEK 247.3 million (455.0), giving an operating margin of 35.5% (66.9). 

 

* Profit before tax was SEK 114.9 million (224.5). Earnings per share before dilution amounted to SEK 0.16 (0.40), and earnings per share after dilution were SEK 0.16 (0.40).

 

* Total capital expenditures amounted to SEK 26.1 million, compared with SEK 1,048.1 million during the same period a year ago. The lower rate of investment is due to the fact that most of the investments ahead of the production start at the Azurite field have been completed. 

* The debt/equity ratio has fallen to 69.9% (104.5) and was at the same time lower than at the start of the year after expenditures of SEK 1,736 million during the period January-September. 

 

* Approximately 15% of the convertible bonds were converted to shares in September, which entailed that the original debt amount totalling SEK 1,164 million decreased by nominal SEK 179.8 million. The equity/assets ratio improved to 48.0% (39.7).

* Oil discovery has been confirmed at the Mer Profond Sud licence offshore the Republic of Congo and the development of the Aseng field in Equatorial Guinea has been initiated.

 

Comments from Ulrik Jansson, President and CEO at PA Resources:
-  During the third quarter we delivered higher production and at the same time achieved better diversification of production in two geographic regions. This, combined with a lower rate of investment and a higher and more stable oil price, entails that the conditions for the rest of the year and 2010 have improved.

 

Stockholm, 2009-10-28
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
Telephone: +46 8 21 83 82 (switchboard)
E-mail: ir@paresources.se

or

Bo Askvik
Executive Vice President & CFO, PA Resources AB
Telephone: +46 8 21 83 82 (switchboard). Mobile: +46 708 19 59 18
E-mail: bo.askvik@paresources.se

 

Presentation of Interim Report on October 28, 2009
PA Resources will release the Interim Report for the third quarter 2009 on Wednesday 28 October at 08.15 CET. The result will be presented at a web casted conference call at 10.00 by Ulrik Jansson, President and CEO and Bo Askvik, Executive Vice President and CFO. The conference call will be in English. To participate live, please use the web link at www.paresources.se or call one of the following numbers:
Sweden: +46 (0)8 505 598 53
UK: +44 (0)203 043 24 36
US: +1 866 458 40 87
The presentation and the conference call are also available on demand afterwards at 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 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.