The subscription period for PA Resources AB’s (publ) (“PA Resources” or the
“Company”) rights issue ended on 23 January 2013. The preliminary result of the
rights issue indicates that approximately 3,569 million shares, representing
approximately 51 per cent of the shares offered, were subscribed for with
primary preferential right. Of these, approximately 2,334 million represented A
-shares and approximately 1,235 million represented B-shares. Additionally,
subscription forms corresponding to approximately 194 million shares have been
received for subscription with subsidiary preferential right and without
preferential right. The remaining approximately 3,290 million shares will be
allotted to the guarantors pro rata in relation to their total undertaking, in
accordance with the underwriting agreements entered into with the Company.
Through the rights issue, which consequently is fully subscribed, PA Resources
will receive proceeds amounting to approximately SEK 705 million before
transaction related costs.

Those who have subscribed for shares with subsidiary preferential rights and
without preferential rights will be allotted shares according to the principles
outlined in the prospectus which was published on 28 December 2012. Notice to
those who have subscribed for shares with subsidiary preferential rights and
without preferential rights is expected to be distributed on or around 29
January 2013. The final outcome of the rights issue is expected to be announced
on or around 29 January 2013.

Through the rights issue PA Resources’ share capital increases by SEK
705,275,104.80 to SEK 1,414,599,897.20. The number of shares increases by
7,052,751,048 shares (whereof 3,824,865,912 A-shares and 3,227,885,136 B-shares)
to 14,145,998,972 shares (whereof 4,462,343,564 A-shares and 9,683,655,408 B
-shares).

The last day for trading in paid subscribed shares (BTA-A) on NASDAQ OMX
Stockholm will be 25 January 2013. New A-shares subscribed for with primary
preferential right are expected to start trading on NASDAQ OMX Stockholm on 1
February 2013, and new A-shares subscribed for with subsidiary preferential
right and without preferential right are expected to start trading on NASDAQ OMX
Stockholm on 4 February 2013. On 7 February 2013, the B-shares are expected to
automatically be converted into A-shares and are then subject to trade on NASDAQ
OMX Stockholm.

Stockholm, 25 January 2013
PA Resource AB (publ)

In case of questions, please contact:
PA Resources: + 46 8 545 211 50

PA Resources AB (publ) is an international oil and gas group which conducts
exploration, development and production of oil and gas assets. The Group
operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United
Kingdom, Denmark, Greenland, the Netherlands and Germany. PA Resources has oil
production in West and North Africa. The parent company is located in Stockholm,
Sweden. In 2011, PA Resources reported sales of SEK 2,154 million. The share is
listed on NASDAQ OMX Stockholm, Sweden. For further 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 08.00 am CET on 25 January 2013.

IMPORTANT NOTICE
The information in this press release is not for release, publication or
distribution, directly or indirectly, in or into the United States, Australia,
Denmark, Hong Kong, Japan, Canada, Switzerland, Singapore, South Africa or New
Zeeland. The distribution of this press release in certain other jurisdictions
may be restricted. The information in this press release shall not constitute an
offer to sell or the solicitation of an offer to purchase any securities in PA
Resources in any jurisdiction. This press release does not constitute, or form
part of, an offer or solicitation to purchase or subscribe for securities in the
United States. The securities referred to herein may not be offered or sold in
the United States absent registration or an exemption from registration as
provided in the U.S. Securities Act of 1933 (the “Securities Act”), as amended.
PA Resources does not intend to register any portion of the offering of the
securities in the United States or to conduct a public offering of the
securities in the United States. Copies of this announcement are not being
distributed or sent and may not be distributed or sent to the United States,
Australia, Denmark, Hong Kong, Japan, Canada, Switzerland, Singapore, South
Africa or New Zeeland.

This document has not been approved by any regulatory authority. This document
is a press release and not a prospectus and investors should not subscribe for,
or purchase any securities referred to in this document, except on the basis of
information provided in the prospectus regarding the rights issue published by
PA Resources and available on PA Resources’ website.

EUROPEAN ECONOMIC AREA
PA Resources has not resolved to offer to the public securities in any Member
State of the European Economic Area other than Sweden and any other jurisdiction
into which the offering of securities may be passported. Within such Member
States of the European Economic Area other than Sweden (and any other
jurisdiction into which the offering of securities may be passported) and which
has implemented the Prospectus Directive (each, a “Relevant Member State”), no
action has been undertaken as of this date to make an offer to the public of
securities requiring a publication of a prospectus in any Relevant Member State.
As a result hereof, the securities may only be offered in a Relevant Member
State: (a) to a qualified investor (as defined in the Prospectus Directive or
under applicable law); or (b) in any other circumstances, not requiring PA
Resources to publish a prospectus as provided under Article 3(2) of the
Prospectus Directive.

For the purposes hereof, the expression an “offer to the public of securities ”
in any Relevant Member State means the communication, in any form, of sufficient
information on the terms of the offer and the securities to be offered so as to
enable an investor to decide to purchase any securities, as the same may be
varied in a Relevant Member State due to the implementation of the Prospectus
Directive in that Member State and the expression “Prospectus Directive” means
Directive 2003/71/EC including any relevant implementing measure in each
Relevant Member State.

Carnegie is acting for PA Resources and no one else in connection with the
rights issue and will not be responsible to anyone other than PA Resources for
providing the protections afforded to its clients or for providing advice in
relation to the rights offer and/or any other matter referred to in this
announcement.

Carnegie accepts no responsibility whatsoever and makes no representation or
warranty, express or implied, for the contents of this announcement, including
its accuracy, completeness or verification or for any other statement made or
purported to be made by Carnegie, or on its behalf, in connection with PA
Resources, the securities or the rights offer, and nothing in this announcement
is, or shall be relied upon as, a promise or representation in this respect,
whether as to the past or future. Carnegie accordingly disclaims to the fullest
extent permitted by law all responsibility and liability whether relating to
damages, contract or otherwise which it might otherwise have in respect of this
announcement or any such statement.

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that reflect management’s
current views with respect to future events and potential financial performance.
Although PA Resources believes that the expectations reflected in such
statements are reasonable, no assurance can be given that such expectations will
prove to have been correct. Accordingly, results can differ materially from
those set out in the forward-looking statements as a result of various factors.
You are advised to read this announcement, and the prospectus and the
information incorporated by reference therein, in their entirety for a further
discussion of the factors that could affect the PA Resources’ future performance
and the industries in which the Company operates. In light of these risks,
uncertainties and assumptions, it is possible that the events described in the
forward-looking statements in this announcement may not occur.