Increasing production
Summary second quarter 2009
* Total revenue for the Group amounted to SEK 432.1 million (739.2).
Sales revenue was affected by lower oil prices, which at the same
time were counteracted by a stronger USD than in the same period a
year ago.
* Production increased during the quarter, when 819,900 barrels of
oil were produced, compared with 783,000 barrels during the first
quarter of 2009.
* Net profit for the period was SEK 73.6 million (246.3), which is an
improvement over the first quarter of 2009, when the net loss was SEK
-63.4 million.
* Earnings per share before dilution were SEK 0.50 (1.70), and
earnings per share after dilution were SEK 0.50 (1.68).
* An additional production well at the Didon field in Tunisia came on
stream at the end of June, entailing a further increase in production
level.
* Three important milestones were passed after the end of the period.
The Azurite field in the Republic of Congo was put in production, and
additional wells will gradually come on stream during the year. In
addition, an oil discovery was made at the Mer Profond Sud licence
offshore the Republic of Congo, and the development of the Aseng
field in Equatorial Guinea has been formally sanctioned.
Summary first half year 2009
* Total revenue for the Group amounted to SEK 762.4 million (1,366.1)
during the period. The decline is mainly due to lower oil prices
which at the same time were counteracted by a stronger USD compared
with the same period a year ago.
* Net profit for the period was SEK 10.2 million (480.3).
* Earnings per share before dilution were SEK 0.07 (3.31), and
earnings per share after dilution were SEK 0.07 (3.29).
* Total equity increased to SEK 4,941.1 million (3,735.9) during the
period through completed new issues of convertible bonds and shares,
which together raised SEK 1,372.1 million in liquid funds for the
Group. The contributed amounts are included in cash flow from
financing activities.
* The equity/assets ratio was 45 percent (42).
Comments from Ulrik Jansson, President and CEO at PA Resources:
- During the first half of 2009 we achieved the goal of increasing
our production and it will continue to increase during the rest of
the year as additional wells are drilled and brought on stream at the
Azurite field in the Republic of Congo. The field gives the Group
vital production from yet another region and generates cash flow that
is contributing to the further development of our assets.
Stockholm, 2009-08-19
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. E-mail: ir@paresources.se
or
Bo Askvik
CFO, PA Resources AB
Mobile: +46 708 19 59 18. E-mail: bo.askvik@paresources.se
Presentation of Interim Report on August 19, 2009
PA Resources will release the Interim Report for the second quarter
2009 on Wednesday 19 August at 08.15 CET. The report will be
presented by President and CEO Ulrik Jansson together with CFO Bo
Askvik at a conference call the same day at 10.00 CET. The conference
call will be in English. The presentation material will be published
on www.paresources.se where it will also be possible to listen to the
presentation afterwards. A brief web film summarizing the report will
also be available on the company's web site in connection with the
presentation.
To participate, please 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
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 Mid Cap). For additional
information, please visit www.paresources.se.
