On Sunday night Gunvor Group informed the company that it had filed an
application for bankruptcy of PA Resources AB. The company has not yet been
officially notified by Stockholm District Court. Due to the ongoing corporate
reorganisation, the application is not expected to have any immediate impact on
the company.
As Gunvor Group has informed the company that it may be willing to withdraw the
application, the company is currently seeking clarification from Gunvor Group on
its intentions and any conditions it may seek to impose. The company is also in
discussions with the bondholders regarding their willingness to fund the company
in the short term.
The board of directors in PA Resources will meet on Wednesday morning April 15
to further assess the situation and the meeting with creditors at Stockholm
District Court will take place in the afternoon of the same day. At this meeting
the administrator of the reconstruction process will present his views on the
next steps in the reconstruction process.
Stockholm 13 April, 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 603 million in 2014. 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 12:55 CET 13 April 2015.
