PA Resources withdraws the summons to bondholders’ meetings announced on the 18 September 2014 and summons new bondholders’ meetings

Reference is made to the press release published by PA Resources AB (“PA Resources”, the “Company”) on 18 September 2014 regarding summons to bondholders’ meeting and written procedure. Following discussions with its largest bondholders and other creditors, the Company has today withdrawn the two summons dated 18 September 2014 and summoned a new bondholders’ meeting and initiated a new written procedure, respectively, for the Company’s NOK and SEK denominated bonds to be held and completed on 20 October 2014 (the bondholders’ meeting and the written procedure are jointly referred to as the “Bondholders’ Meetings”). In the Bondholders’ Meetings, PA Resources proposes to defer the interest payments to February 2015 from their originally scheduled payment dates in October 2014. Nevertheless, the majority of the bondholders under the respective bond agreement will be entitled to bring such interest payment date forward to an earlier date with a 30 days’ notice period. The interest payment date may also be brought forward to an earlier date, if notice is given, or payments or settlement of any amounts are made, under the facilities with Gunvor referred to below. The deferred interest payments will carry an additional interest rate equivalent to the prevailing interest rate under the respective bonds during the period from the original respective due dates in October 2014 to February 2015.

As a result of the new summons, the Company withdraws its previous summons dated 18 September 2014 and cancels the bondholders’ meeting on 3 October 2014 under the NOK bonds as well as the written procedure to be completed on the same date under the SEK bonds.

Following discussions with bondholders, and subject to agreement with the Company on scope and terms, legal and financial advisors shall be appointed to represent the bondholders in the upcoming deferral period and during the process where the Company sets out its long term financing plan.

Unless otherwise instructed by the bondholders, the trustees have agreed, for the period until completion of the Bondholders’ Meetings, to not take enforcement actions under the NOK and SEK bonds for the non-payment of interest on 5 October 2014 and 7 October 2014, respectively. This agreement may be withdrawn by the trustees at any time.

PA Resources’ largest creditor and shareholder, the Gunvor Group, has agreed that unpaid and future interest on the Working Capital and Reserve Based Lending facilities will be rolled up and carry interest of 7.5% until February 2015, conditional upon the bondholders’ acceptance of the proposed amendments in the new summons, and with an equivalent right as the bondholders to bring the interest payment dates under such facilities forward.

The bondholders’ meeting under the NOK bonds will take place on, and the written procedure under the SEK bonds will be completed on, 20 October 2014. Summons letters for the NOK bonds and Written Notices for the SEK bonds will be available on the Company’s website, www.paresources.se and will be distributed to bondholders over the coming days. Votes will need to be submitted to the respective trustees no later than 20 October 2014.

Further reference is made to the most recent Company Presentation available on the Company’s website.

Stockholm, 3 October, 2014
PA Resources AB (publ)

For additional information, please contact:
Tomas Hedström
PA Resources AB
Tel: +46 (0)8 545 211 50
E-mail: ir@paresources.se

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, Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 1,049 million in 2013. The share is listed on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit 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 08:50 a.m. CET on 3 October 2014.