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PA Resources Interim Report January - September 2011

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SUMMARY

  • Group revenue for the third quarter amounted to SEK 493.7 million (530.0).
  • EBITDA for the quarter totalled SEK 295.1 million (281.6).
  • Profit before tax for the third quarter was SEK 16.4 million (315.1).
  • Earnings per share before and after dilution were SEK -0.18 (0.22).
  • The discovery of gas and condensate on Broder Tuck in Denmark was confirmed through a sidetrack. Drilling is under way on Lille John, where oil was discovered in October in a first structure, and continues now to the well's primary target.
  • The Aseng FPSO arrived at the field with testing completed in mid-October, and installations are under way ahead of the start of production in the fourth quarter.
  • During flow testing the last few days the production well at Didon North encountered unexpected complications preventing oil from flowing in the well. It has been decided to suspend the well.

FINANCIAL KEY RATIOS

Q3 2011 Q3 2010 Jan-Sept. 2011 Jan-Sept. 2010 Jan.-Dec. 2010
Revenue (SEK million) 493.7 530.0 1,619.1 1,529.1 2,226.7
EBITDA (SEK million) 295.1 281.6 989.4 838.0 1,275.7
EBITDA margin 59.8% 53.1% 61.1% 54.8% 57.3%
Operating profit (SEK million) 101.2 94.3 386.7 271.7 490.4
Operating margin 20.5% 17.8% 23.9% 17.8% 22.0%
Profit before tax (SEK million) 16.4 315.1 146.9 88.2 179.3
Earnings per share after dilution (SEK) -0.18 0.22 -0.36 -0.35 -0.61

(For complete Interim Report, see the attached file)

Stockholm 26 October, 2011
PA Resources AB (publ)


For additional information, please contact:
Nicolas Adlercreutz
CFO, PA Resources AB
Telephone: +46 8 21 83 82 (switchboard).
E-mail: ir@paresources.se

Webcast conference call
PA Resources’ results for the third quarter 2011 will be presented on 26 October 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 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 Stockholm (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 26 October, 2011.

 

 

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Interim report Oil PA Resources

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