PA Resources summons new bondholders’ meetings, requests further deferral of interest payments and temporary waivers of financial covenants

Due to the termination of the Didon transaction with EnQuest plc and the
substantial decline in oil prices, PA Resources AB (“PA Resources”, the
“Company”) will require additional time to prepare a long-term business and
financing plan. PA Resources has, therefore, today summoned a new bondholders’
meeting and written procedure, respectively, under its NOK and SEK denominated
bonds to propose a further deferral of its interest payments to 31 March 2015
and temporary waivers of its financial covenants.

Reference is made to the press releases published by PA Resources on 18
September and 3 October 2014 regarding summonses to bondholders’ meeting and
written procedure respectively, for the Company’s NOK and SEK denominated bond
loans, where the bondholders accepted to defer the interest payments due in
October 2014 until February 2015.

The Company has today summoned a new bondholders’ meeting and initiated a new
written procedure, respectively, for the Company’s NOK and SEK denominated bonds
to be held and completed on 25 February 2015 (the bondholders’ meeting and the
written procedure are jointly referred to as the “Bondholders’ Meetings”). In
the Bondholders’ Meetings, PA Resources proposes to further defer the interest
payments to 31 March 2015 from their originally scheduled payment dates in
October 2014 and requests temporary waivers of compliance with the financial
covenants for its SEK and NOK denominated bond loans.

Since October 2014 PA Resources has held an active and constructive dialogue
with an informal committee of bondholders as well as the Company’s largest
shareholder, Gunvor Group, regarding the long-term business and financing plan
of the Company that addresses the Company’s upcoming investment program and debt
position. However, as announced in a press release on 2 February 2015, the
Company's transfer of 70% of its interest in each of the Didon producing oil
field and the Zarat Permit to EnQuest was terminated and reversed on 31 January
2015 and, consequently, the 23 million USD held in escrow has been returned to
EnQuest. These recent events and the substantial decline in oil prices have made
it clear that additional time will be required to finalize a long-term business
and financing plan which is acceptable to all key stakeholders. The Company
therefore proposes to holders of NOK and SEK bonds to accept to defer the
interest payments in February 2015 until 31 March 2015. Nevertheless, the
majority of the bondholders under the respective bond agreement will be entitled
to bring such interest payment date forward to an earlier date with a 3 business
days’ notice period. The interest payment date may also be brought forward to an
earlier date, if notice is given, or payments or settlement of any amounts are
made, under the facilities with Gunvor referred to below. The amount of the
interest payments which fell due in October 2014 will carry an additional
interest rate equivalent to the prevailing interest rate under the respective
bonds during the period from the original respective due dates in October 2014
to 31 March 2015.

As announced in a separate press release on 20 January 2015, the Company also
expects an impairment loss of approximately SEK 2.100 million which will be
recorded in the year- end report 2014, due to be released on 26 February 2015,
where further details will be provided. The impairment charge means that the
Company will be in breach of its financial covenants for its SEK and NOK
denominated bond loans and it will therefore request the holders of NOK and SEK
bonds to accept waivers of compliance with the financial covenants under both
loans for the period until 31 March 2015.

PA Resources’ largest creditor and shareholder, the Gunvor Group, has agreed
that unpaid interest and any interest due prior to 31 March 2015 on the Working
Capital and Reserve Based Lending facilities will be deferred and carry interest
of 7.5% until 31 March 2015, conditional upon the bondholders’ acceptance of the
proposed amendments in the summons, and with an equivalent right as the
bondholders to bring the interest payment dates under such facilities forward.

The bondholders’ meeting under the NOK bonds will take place on, and the written
procedure under the SEK bonds will be completed on, 25 February 2015. Summons
letters for the NOK bonds and written notices for the SEK bonds will be
available on the Company’s website, www.paresources.se and will be distributed
to bondholders over the coming days. Votes will need to be submitted to the
respective trustees no later than 25 February 2015.

Further reference is made to the most recent Company Presentation and the
unaudited Q3 2014 report published on 29 October 2014, both available on the
Company’s website.

Stockholm 10 February, 2015
PA Resources AB (publ)

For additional information, please contact:
Tomas Hedström, Chief Financial Officer
Phone:   +46 8 545 211 50
E-mail:   ir@paresources.se

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 1,049 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 08:15 am CET on 10 February 2015.