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PA Resources Interim Report January - June 2011

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SUMMARY

  • Group revenue for the second quarter 2011 amounted to SEK 542.2 million (588.9).
  • EBITDA for the quarter totalled SEK 335.5 million (348.9). 
  • The result before tax for the second quarter was SEK -12.8 million (-138.5).
  • Earnings per share before and after dilution were SEK -0.26 (-0.46).
  • A gas discovery was made on the Danish prospect Broder Tuck in mid-July. Evaluation is under way through drilling of a sidetrack.
  • Development of the Aseng field in Equatorial Guinea is ahead of schedule, and production start is now planned for the end of 2011.

FINANCIAL KEY RATIOS

Q2 2011 Q2 2010 Jan-June 2011 Jan-June 2010 Jan-Dec 2010
Revenue (SEK million) 542.2 588.9 1,125.4 991.1 2,226.7
EBITDA (SEK million) 335.5 348.9 694.2 556.4 1,275.7
EBITDA margin (%) 61.9% 59.2% 61.7% 55.7% 57.3%
Operating profit (SEK million) 145.5 163.0 285.4 177.4 490.4
Operating margin (%) 26.8% 27.7% 25.4% 17.8% 22.0%
Profit/loss before tax (SEK million) -12.8 -138.5 130.6 -227.0 179.3
Earnings per share after dilution (SEK)   -0.26 -0.46 -0.18 -0.76 -0.61

(For complete Interim Report, see the attached file)

Stockholm 17 August, 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 (switchboard). Mobile: +46 70 587 44 88

Webcast conference call
PA Resources’ results for the second quarter 2011 will be presented on 17 August 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 17 August, 2011.


 

 

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