PA Resources publishes the final third party review of Reserves and Contingent
Resources as of 30 June 2014 undertaken by independent audit firm ERC Equipoise,
and the Company’s management commentary on the report.
· PA Resources has, as of 30 June 2014, net working interest oil and
condensate 1P Reserves of 4.5 mmbbl, 2P Reserves of 6.8 mmbbl, and 2C Contingent
Resources of 60 mmboe of liquid and gas hydrocarbons
· ERC Equipoise estimates, at 1 January 2015, unrisked 2P Reserves NPV10 to be
USD 112 million and unrisked 2C Contingent Resources to be USD 471 million,
totalling USD 583 million for PA Resources’ core assets
· The outcome of the independent report of Reserves and Contingent Resources
largely confirms the Company’s estimates of recoverable volumes from its main
assets and is closely in line with the preliminary recoverable volumes and
valuation numbers released on 18 September 18, 2014
· The key variations from reported Reserves and Contingent Resources as per 31
December 2013 are the re-categorisation of the Zarat field liquids from Reserves
to Contingent Resources as the field development is being revised, and the
exclusion of Contingent Resources in several small discoveries in the North Sea
and Africa pending greater clarity on their commercial development potential
PA Resources Working Interest Reserves
Milllion barrels Reserves
1P 2P 3P
Aseng 2.91 4.43 5.62
Alen 0.14 0.14 0.14
Didon1 0.28 0.43 0.46
Douleb/Tamesmida 1.19 1.76 2.17
Total 30 June 2014 4.53 6.76 8.39
1 After completion of EnQuest farm-in
PA Resources Working Interest Contingent Resources (excluding inerts)
Milllion barrels of oil equivalent Contingent resources
1C 2C 3C
Total 39.9 60.4 101.6
A summary of the report including the company’s comments is attached to this
press release and can also be found on the company’s website,
www.paresources.se.
Stockholm, 1 October 2014
PA Resources AB (publ)
For queries, please contact:
Ingrid Östhols, Head of Corporate Communication & IR
+46 72 181 08 67
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, 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 1,312 million in 2013. 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 12.30 am CET on 1 October 2014.
