INTERIM REPORT JANUARY 1st - JUNE 30th, 2007
PA RESOURCES AB (PUBL)
Corporate Identity Number 556488-2180
PA Resources' profit for the period increased with 308 percent to SEK 314
million
Summary second quarter 2007 (March 1st - June 30th, 2007)
• Profit for the period amounted to SEK 314.3 million (77.1) during the second
quarter 2007.
• Group revenue during the quarter amounted to SEK 862.5 million (208.2). The
revenue refers to sales of crude oil.
• Operating profit for the quarter amounted to SEK 573.9 million (104.3) and
the operating profit margin became 67 percent (50). Profit after financial
items amounted to SEK 525.4 million (121.6).
• EBITDA (earnings before interests, taxes and depreciations) amounted to SEK
645.6 million (129.8).
• Earnings per share before dilution became 2.17 SEK (0.57) and earnings per
share after dilution became 2.15 SEK (0.57).
• Total production during the second quarter was 1,866,000 (456,000) barrels of
oil equivalents, of which 1,866,000 (456,000) barrels of oil and 0 (0) barrels
of oil equivalents of gas.
• Average production amounted to 20,500 (5,000) barrels of oil equivalents per
day during the quarter.
• A total of 1,691,000 (213,000) barrels of oil was sold during the quarter, of
which 1,355,000 (50,000) to export and 336, 000 (163,000) to the local market
in Tunisia, to an average price of 66.62 USD per barrel (60.80). A total of
182,699 barrels of oil have been paid as royalty.
Summary first half 2007 (January 1st - June 30th, 2007)
• Profit for the period amounted to SEK 354.2 million (74.0) during the first
half of 2007.
• Group revenue amounted to SEK 1,255.1 million (335.7).
• Operating profit during the first half of the year amounted to SEK 703.5
million (106.7) and the operating profit margin became 56 percent (32). Profit
after financial items amounted to SEK 604.6 million (122.9).
• EBITDA (earnings before interests, taxes and depreciations) amounted to SEK
813.2 million (150.8).
• Earnings per share before dilution became 2.44 SEK (0.55) and earnings per
share after dilution became 2.42 SEK (0.55).
• Cash and cash equivalents amounted to SEK 200.6 million (468.1) at the end of
the period.
• Total production during the first half of 2007 was 2,536,000 (739,000)
barrels of oil equivalents, of which 2,536,000 (739,000) barrels of oil and 0
(0) barrels of oil equivalents gas.
• Average production amounted to 14,022 (4,100) barrels of oil per day during
the first half of 2007.
• A total of 1,987,000 (742,000) barrels of oil was sold during the period, of
which 1,433,000 (565,000) to export and 554, 000 (177,000) to the local market
in Tunisia, to an average price of 64.65 USD per barrel (58.10).
Summarizing comments from the President and CEO Ulrik Jansson
- PA Resources production and sales of oil have set new records during the
second quarter. This has resulted in an increase of group revenue by 314
percent and an increase of the result after taxes by 308 percent compared to
the corresponding period last year. We have reached another milestone in the
company's development, and it forms a good base for our future growth.
- The most important event during the second quarter is that the platform at
the Didon-field has been in full production during the whole period. The
finding of condensate and natural gas in Block I in Equatorial Guinea is also
very gratifying. We are now looking forward to the results of the drillings in
the Volve field and the Lie prospect in Norway, as well as the El Bibane field
and the Linda prospect in Tunisia. Both the Volve field and the El Bibane field
are expected to add to production during the autumn. We also expect a
contribution to the companies oil- and gas resources from Equatorial Guinea,
when additional drillings have been done during this year.
Stockholm, August 22nd, 2007
PA Resources AB
If you have any questions, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Telephone: +46 707 514 184
E-mail: info@paresources.se
or
Ole Wiborg
CFO, PA Resources Norway AS
Telphone: +47 21 56 76 11 or +47 952 99 111
E-mail: ole.wiborg@paresources.no
Capital market meeting on August 22nd, 2007
PA Resources AB (publ) invites to a presentation of the Interim Report. The
capital market meeting will take place on Wednesday August 22nd at 09.00 (CET)
at Felix Konferansesenter, Aker Brygge, Bryggetorget 3, 0114 in Oslo, Norway.
You can also follow the presentation live via Internet, or look at a recording
afterwards, on the company's web site www.paresources.se. For more information
about the meeting, see the invitation on the web site.
(For a complete financial report, se attached file.)
