PA Resources AB raises SEK 291.5 million in a directed new share issue of 11 million shares.

 

The Board of PA Resources AB has, based on its authorization from the Annual General Shareholders meeting held on May 13th 2009, completed a directed new share issue of totally 11,000,000 shares in PA Resources AB. The shares have been issued at a price of SEK 26.50 per share.

 

The transaction was carried out after the closing of the Oslo Stock Exchange and NASDAQ OMX Nordic Exchange on 15th June 2009. The share issue was directed to institutional investors in Sweden and Norway. The issue has raised a total of SEK 291.5 million before issuing costs.

 

The proceeds from the offering will be used for continued development of PA Resources' assets by advancing development of new fields and exploration drillings.

 

- This money will primarily be used for the development of the Aseng field (formerly Benita) in Equatorial Guinea which is likely to start already this summer, as well as advanced exploration drillings in the Republic of Congo. We see good potential for value growth for our shareholders with these investments. At the same time we continue the development of our producing assets by starting a new production well on the Didon field in Tunisia as we announced last week, says Ulrik Jansson, President and CEO at PA Resources AB.
 
Following this transaction the total number of outstanding shares in PA Resources AB will be 156,514,004.

 

Carnegie Investment Bank AB has acted as financial advisor in the transaction.

 

Stockholm, 16 June, 2009
PA Resources AB (publ)

 

For further information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Telephone: +46 70 751 41 84, +46 8 21 83 82
E-mail: info@paresources.se

or

Bo Askvik
CFO, PA Resources AB
Telephone: +46 70 819 59 18, +46 8 21 83 82

 

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.