STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
PA Resources AB (OSE:PAR):
SECOND QUARTER SUMMARY
- Group revenue totalled SEK 332 million (542).
- EBITDA** was SEK 140 million (302).
- Profit before tax* was SEK -2 million (-23).
- A successful farm-out of 70% of PA Resources interest in and operatorship of its offshore Tunisian assets to EnQuest Plc. was announced in May. The farm-out resulted in a book loss after tax of SEK -117 million.
- A new board of directors was elected at the AGM in May and a review of PA Resources’ strategy, assets and financing was initiated.
- A fully underwritten rights issue of SEK 891 million was approved by an Extraordinary General Meeting on 5 July.
- An impairment loss of SEK 185 million was reported following the relinquishment of the Greenlandic licence 2008/17 (Block 8), and the decision to expense the exploration well drilled on Danish licence 9/06 (Gita) in 2009.
- Oil was encountered in an exploration well and its sidetrack on the Carla South prospect in Block I in Equatorial Guinea.
FINANCIAL KEY RATIOS
|Q2 2013||Q2 2012||Jan.-June 2013||Jan.-June 2012||Jan.-Dec. 2012|
|Revenue (SEK million)||332||542||778||1,192||2,184|
|EBITDA (SEK million)**||140||302||383||697||1,255|
|Operating profit (SEK million) *||79||148||248||363||684|
|Operating margin *||23.80%||27.40%||31.90%||30.40%||31.30%|
|Profit before tax (SEK million) *||-2||-23||130||45||85|
|Profit for the period||-350||-210||-316||-241||-1,966|
|Earnings per share after dilution (SEK)||-12.37||-134.56||-12.45||-154.6||-966.17|
*The figures for Q2 and the H1 period in 2013 are exclusive of non-cash, one-off costs of SEK 647 million before tax and SEK 302 million after tax, and SEK 668 million before tax and SEK 323 million after tax, respectively. Figures for Q2 and H1 2012 are exclusive of non-cash, one-off costs of SEK 92 million before and after tax, respectively. Figures for the full year 2012 are exclusive of non-cash, one-off costs of SEK 1,748 million before and after tax.
**EBITDA and the EBITDA margin for Q2 and the H1 period in 2013 are exclusive of non-cash, one-off costs of SEK 462 million related to the farm-out of Tunisian offshore assets during the second quarter of 2013.
For the complete Interim Report, see attached file.
Webcast conference call
PA Resources' results for the second quarter 2013 will be presented on 14 August 2013 at 10 a.m. (CET) via a webcasted conference call. Use the following link to participate:
To participate via phone, please call:
SE: +46 8 505 564 74
UK: +44 203 364 5374
US: +1 855 753 2230
Stockholm, 14 August 2013 PA Resource AB (publ)
PA Resources AB (publ) 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 2,184 million in 2012. 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 8.15 a.m. CET on 14 August, 2013.
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