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PA Resources AB: Interim Report 1 January – 30 June 2014

STOCKHOLM, Sweden--(BUSINESS WIRE)--Regulatory News:

FIRST HALF YEAR

· Group revenue totalled SEK 359 million (625)
· EBITDA was SEK 220 million (-134)
· Profit after tax was SEK -74 million (-316)
· Earnings per share were SEK -0.66 (-12.97)

SECOND QUARTER

· Group revenue totalled SEK 181 million (266)
· EBITDA was SEK 106 million (-346)
· Profit after tax was SEK -26 million (-350)
· Earnings per share were SEK -0.23 (-12.89)

KEY EVENTS DURING THE QUARTER

· The farm-out in the 12/06 licence to Dana received governmental approval
· The 9/06 (Gita) licence was relinquished
· Mark McAllister and Jérôme Schurink were elected new members of the Board at the AGM and Jérôme Schurink was elected Chairman
· Continued uncertainty and delays in the Zarat farm-out process

SUBSEQUENT EVENTS

· The Didon transaction closed on 11 July

FINANCIAL KEY RATIOS

  Apr-Jun   Jan-Jun   Full year
2014   2013 2014   2013 2013
Average production, barrels/day 3,200 5,400 3,300 6,100 5,000
Revenue, SEK million 181 266 359 625 1,049
EBITDA, SEK million 106 -346 220 -134 -494
EBITDA margin, % 59% neg 61% neg neg
Operating profit, SEK million 67 -592 139 -475 -1,234
Profit for the period, SEK million -26 -350 -74 -316 -1,219
Earnings per share after dilution, SEK -0.23 -12.89 -0.66 -12.97 -21.54

WEBCAST

PA Resources' results for the second quarter of 2014 will be presented on 18 July 2014 at 09:00 am (CET) via a webcast conference call. To participate, please use the link at www.paresources.se or call:

SE: +46 8 505 564 74
UK: +44 203 364 5374
USA: +1 855 753 2230

An on-demand webcast will be available on PA Resources website, www.paresources.se after the presentation.

DISCLOSURE
The information in this interim report is such that PA Resources AB is required to disclose pursuant to the Securities Market Act and Financial Instruments Trading Act. Submitted for publication at 07:30 a.m. (CET) on 18 July 2014.

PA RESOURCES IN BRIEF
PA Resources AB (publ) is an international oil and gas group that conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, the Republic of Congo (Brazzaville), Equatorial Guinea, the United Kingdom, Denmark, the Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ shares are listed on NASDAQ OMX in Stockholm, Sweden. For further information, please visit www.paresources.se.

This information was brought to you by Cision http://news.cision.com

Contacts

PA Resources AB
Tomas Hedström, CFO
+46 8 545 211 50
ir@paresources.se
or
Mark McAllister, President and CEO
+46 8 545 211 50
ir@paresources.se