Growing production in West Africa
Summary fourth quarter 2009
* Total revenue for the Group amounted to SEK 653.9 million, compared with SEK
370.9 million for the same period a year ago.
* EBITDA amounted to SEK 358.4 million (202.3) and the EBITDA margin was 54.8
% (54.5) during the quarter.
* Operating profit amounted to SEK 79.1 million (87.9), giving an operating
margin of 12.1 % (23.7).
* Profit before tax for the period was SEK 100.0 million (-196.7). Earnings
per share after dilution was SEK -0.13 (2.66).
* Total capital expenditures during the quarter amounted to SEK 228.8 million,
compared with SEK 801.6 million during the same quarter a year ago. The
lower rate of investment is due to the fact that most of the expenditures
ahead of the production start at the Azurite field in the Republic of Congo
have been completed.
* The second production well at the Azurite field was put in production on the
12 February, and Azurite will thereby gradually take over as the Group's
largest producing field.
Summary full year 2009
* Group revenue during 2009 amounted to SEK 2,112.8 (2,419.9) million.
* EBITDA amounted to SEK 1,325.9 million (1,771.8) and the EBITDA margin was
62.8 % (73.2).
* Operating profit amounted to SEK 429.6 million (1,395.7), giving an
operating margin of 20.3 % (58.0).
* Profit before tax for the period amounted to SEK 317.5 million (823.1).
Earnings per share after dilution was SEK 0.08 (6.34).
* Total production for the full year 2009 was 4,074,500 barrels (4,039,900).
Average production increased during the second half of the year to 13,400
barrels per day, compared with 8,900 barrels per day during the first half
of the year.
* PA Resources proved oil- and gas reserves (1P) increased from 8.9 in the end
of 2008 to 51.8 million barrels of oil equivalents in the end of 2009. At
the same time, the amount of oil and condensate increases in the
2P-reserves at the Elyssa and Zarat fields in Tunisia, and the share of oil
is now approximately 60 % compared with the
previous 25 %.
Comments from President and CEO Ulrik Jansson
- In view of the strengthened oil price and PA Resources' growing production,
I am confident about 2010 and going forward. It is also gratifying that we
continue to increase production at the Azurite field in the Republic of Congo. A
second production well was taken into operation last week and a third production
well will be completed in March.
Stockholm, 2010-02-17
PA Resources AB (publ)
(For the complete Full Year Report, see the attached file)
For more information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Telephone: +46 (0)8 21 83 82 (switchboard). E-mail:ir@paresources.se
<mailto:ir@paresources.se>
or
Bo Askvik
Executive Vice President and CFO, PA Resources AB
Telephone: +46 (0)8 21 83 82 (switchboard). Mobile: +46 (0)708 19 59 18
E-mail: bo.askvik@paresources.se <mailto:bo.askvik@paresources.se>
Webcast conference call, 17 February 2010
On 17 February at 10 a.m. (CET), PA Resources will be presenting its results for
the fourth quarter and full-year 2009, via a webcast conference call. To
participate live, visit www.paresources.se <http://www.paresources.se/> (home
page), or call:
Sweden: +46 (0)8 505 598 53
UK: +44 (0)203 043 24 36
US: +1 866 458 40 87
The conference call and presentation material can also be viewed afterwards at
the same website: www.paresources.se.
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 one of the largest 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 2,113 million during 2009. The company
is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid
Cap) and on the Oslo Stock Exchange in Norway (segment OB Match). For additional
information, please visit www.paresources.se <http://www.paresources.se/>.
[HUG#1385155]
