INTERIM REPORT JANUARY - MARCH 2007
PA Resources AB (publ)
Corporate identity number 556488-2180
PA Resources' production continues to increase
Summary January 1st - March 31st 2007
* Profit for the period first quarter of 2007 amounted to SEK 39.9 million
(-3.2).
The negative result for the comparable period 2006 is due to the Group's change
of accounting principle for the inventory.
* Group revenue amounted to SEK 281.6 million (127.5). The Group's revenue
completely refers to sales of oil.
* Operating profit for the quarter amounted to SEK 129.6 million (2.4) and the
operating profit margin amounted to 46 percent (2). Profit after financial items
amounted to SEK 72.2 million (1.3).
* Earnings per share before dilution became 0.28 SEK (-0.02) and earnings per
share after dilution became 0.27 SEK (-0.02).
* Cash flow for the period became SEK -148.7 million (54.5) and cash and cash
equivalents amounted to SEK 527.0 million (804.3) at the end of the period.
Total production during the quarter amounted to 672,000 (283,000) barrels of oil
equivalents (BOE), of which 672,000 (283,000) BOE of oil and 0 (0) BOE of gas.
This is an increase with 137 percent compared to the corresponding period 2006.
The average production per day amounted to 7,470 (3,147) BOE during the quarter.
* A total of 296,000 (529,000) BOE oil was sold during the first quarter, of
which
78,000 (515,000) to export and 218,000 (14,000) to the local market in Tunisia,
to an average price of 53.44 USD per barrel (57.04).
Comments from President and CEO Ulrik Jansson
- The most important event during the quarter is the fact that we have reached
regular production at the new platform at the Didon-field in Tunisia. We have
reached the production level of 20,000 barrels per day in average, which was our
target for the platform. By that PA Resources has coped successfully with the
Group's greatest challenge ever.
- Now we are looking forward to the production start of the Volve-field on the
Norwegian continental shelf during the third quarter 2007. The drilling rig is
being transported to the field at this very moment and the operator Statoil will
start the drillings at the end of May 2007.
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 AB
Telephone: +47 21 56 76 11 or +47 952 99 111
E-mail: ole.wiborg@paresources.no
Capital market meeting on May 8th, 2007
PA Resources AB (publ) invites to a presentation of the Interim Report. The
capital market meeting will take place on Tuesday May 8th at 09.00 (CET) at
Felix Konferansesenter, Aker Brygge (Bryggetorget 3, 0250 Vika) in Oslo, Norway.
You can also follow the presentation live via Internet, or look at a recording
afterwards on the company web site: www.paresources.se. For more information
about the meeting, see the invitation available on the web site.
-------------------------------------
The Board of Directors and the President of PA Resources AB (publ) herewith
submit the Interim Report for the period January 1st to March 31st 2007, with
comparative figures for the corresponding period prior year. The Group's
financial year is the same as the calendar year 2007.
The Interim Report has been prepared in Swedish and translated into English. In
the event of any discrepancies between the Swedish and English version, the
former shall have precedence.
Business review
PA Resources AB is the parent company within a Group whose business consists of
exploration and production of oil and gas. The Group operates in Tunisia and
Norway, and also owns assets in Equatorial Guinea and the Republic of Congo
(Brazzaville). So far, production refers solely to Tunisia.
Group activity during first quarter 2007
Tunisia
Production
PA Resources' total production of oil and gas in Tunisia amounted to 672,000
(283,000) barrels of oil equivalents (BOE) during the first quarter. This is an
increase by 137 percent compared with the corresponding period in 2006. The
increase is due to the fact that the new platform on the Didon field is now in
production and has been in operation during parts of the quarter. Only oil has
been produced during the quarter.
Didon
PA Resources' largest production asset in Tunisia is the Didon field that is
wholly-owned by the Group. The new production platform was put in operation as
early as December 2006, but the development of the field was completed during
the first quarter of 2007. During the quarter, an additional production well,
Didon-6, was drilled and put in operation from the platform. In addition, a new
and upgraded export system from the oil platform to the tanker was finalized.
The uptime on the Didon platform has been satisfying during the first quarter of
2007, in spite of the fact that work was carried out to connect the Didon-6
well, that there was a shutdown due to technical problems with the old export
system, and that work connecting the new export system was carried out. During
the quarter, the platform was shut down during a total of 16 days. During the
month of March, an uptime of 94 percent was reached, which includes two days of
shutdown in the production when the new export system was being installed and
put into operation.
At the end of March, the platform could begin regular production and reached a
production level of 20,000 barrels per day on average. The water content in the
wells was only 0.3 percent.
The new wells are currently being tested to establish max production rates. PA
Resources is planning to increase production capacity above the 20,000 barrels
per day. Later this spring, the temporary tanker Melida, which is currently
being used to gather the produced crude oil, will be replaced by Didon FSO or
another permanent tanker with bigger loading capacity.
For more information about events after the balance sheet day, see note 13
Events after the balance sheet day in this Interim Report.
Douleb, Semmama
Production on the fields Douleb and Semmama decreased slightly during the first
quarter of 2007 compared with the production levels during 2006. The fields have
produced oil since 1968, and the reserves are beginning to run dry. In spite of
this fact, the fields are still very profitable for PA Resources to run. PA
Resources owns a 70 percent working interest and is the operator of both fields,
but has outsourced the work to Serept, which has a 30 percent working interest
in each permit.
During the first quarter, one of the production wells was converted into a
water injection well in order to maintain the pressure in one of the reservoirs
on the Douleb field. A decision was made to initiate a reservoir study with 3-D
seismic data during 2007, instead of drilling the new exploration well on the
Douleb field according to previous plans. This is the best possible way to
evaluate the existence of additional reserves in the area and explore the
possibilities of a future expansion.
Tamesmida
Production on the Tamesmida field (95 percent working interest) decreased
slightly during the first quarter of 2007 compared to the production levels
during 2006. Like the Douleb and Semmama fields, this field has also produced
oil for over 30 years. In spite of this fact, the field is still profitable for
PA Resources to run. Serept, which owns a 5 percent working interest in the
permit, is the operator for the field on behalf of PA Resources.
El Bibane
The El Bibane field, where PA Resources owns a 25 percent working interest, has
been closed since August 2005 and was still closed during the first quarter of
2007. The current operator is Candax Energy Inc., which owns a 75 percent
working interest. Candax Energy plans to carry out a development programme
during 2007 in order to start production and extract the reserves on the El
Bibane field.
The agreement with a previously contracted drilling rig has been cancelled
during the first quarter due to the fact that there have been frequent delays in
adapting and certifying the drilling rig. Work to contract a new drilling rig
including management for the drilling has therefore been prioritized during the
quarter.
The operator's assessment is that the following drilling programme can be begun
during fall 2007; drilling of a new horizontal production well (El Bibane-4),
re-opening of the existing well (El Bibane-3) with the aid of a more shallow
horizontal drilling hole and drilling of a gas injection well (El Bibane-5).
Ezzaouia
The operator for the field is Candax-Ecumed with a 31.3864 percent. Other
partners are ETAP with a 55 percent working interest and PA Resources with a
13.6136 percent working interest.
Production on the Ezzaouia field has decreased slightly during the first quarter
of 2007 compared with the production levels during 2006. This is due to the fact
that the production has been temporarily shut down at times when a programme for
overhaul and maintenance of the production wells was begun. During the quarter,
maintenance has been carried out on two wells, Ezzaouia-2 and Ezzaouia-4, while
maintenance work on a third well, Ezzaouia-10, is currently taking place. So
far, the well Ezzaouia-2 has been restarted.
During the quarter, the partners have made a decision to postpone the previously
planned programme with water injections and instead drill two production wells
towards the end of 2007. Preparatory work for these drillings has been carried
out during the quarter.
Exploration
Zarat - Elyssa-fältet
The Elyssa field is an oil field with associated gas located in the exploration
permit Zarat offshore eastern Tunisia. Through its Tunisian company, PA
Resources is the operator for Zarat and owns a 45 percent working interest.
Partner is ETAP, the Tunisian State oil company, with a 55 percent working
interest.
In the beginning of March this year, the drilling rig Ocean Spur was moved to
the Elyssa field in Tunisia and the drilling of a sidetrack in the previously
drilled well Elyssa-3 was begun. The aim with the sidetrack was to reach the
previously un-drilled southern part of the field in order to further evaluate
the hydrocarbon bearing intervals with oil and gas that were found when drilling
the Elyssa-3, as well as to conduct tests in the Binero reservoir.
The drilling was completed after the balance sheet day. For more information
about
this event, see note ”Events after balance sheet day” in this report.
Additional drillings within the exploration area Zarat is planned for in early
2008. An early development of the Elyssa field for oil production, as a
satellite tie-in to the Didon platform, will now be included into the Elyssa
field development evaluation. The point of time for start of production is
depending on when and how the development of the field will be effected.
Makthar
The exploration area Makthar is located in the western part of central Tunisia
and near the producing oil fields Douleb, Semmama and Tamesmida. Through a
subsidiary, PA Resources owns a 45 percent working interest. Partner is ETAP
which owns a 55 percent working interest.
During the first quarter of 2007, PA Resources completed a study of how possible
drillings would affect the environment. The study has been handed to the
authorities for approval. In addition, on the behalf of PA Resources, RPS Energy
Group has carried out a third-party appraisal of Makthar with the aim to
appraise and rank the most interesting prospects. Within the exploration block
Makthar, it was established that the Linda and Serraguia prospects are the most
interesting.
During the quarter, work has continued with the planning of the drilling of an
exploration well in the Linda prospect. The drilling will be carried out during
the third quarter of 2007. Depending on the result from this drilling, it may
come into question to drill also a second exploration well in the Serraguia
prospect. Both prospects are located near existing production facilities on the
Tamesmida field. This may prove to be an advantage when it comes to achieving an
early production start.
Jelma
The exploration block Jelma is located in the western parts of central Tunisia
near the fields Douleb, Semmama and Tamesmida. PA Resources owns 35 percent
working interest in the permit through a subsidiary and is also the operator for
the permit. Partners are ETAP, which owns 50 percent in the permit, and the
service company Topic, which owns 15 percent.
During the quarter, RPS Energy Group has carried out a third-party appraisal of
the exploration block Jelma, on behalf of PA Resources, with the aim to appraise
and rank the most interesting prospects. It was established that the Maargaba
and Ksar Baroud prospects were the two most interesting prospects within the
Jelma exploration block.
During 2007, additional seismic data will be acquired. According to the plans, a
new exploration well will be drilled during 2008 if access to a drilling rig can
be guaranteed.
Acquisitions
No new acquisitions have taken place in Tunisia during the first quarter of
2007.
Norway
PA Resources owns, through its Norwegian subsidiary, interests in 12 licenses on
the Norwegian continental shelf as at March 31, 2007. The licenses have so far
not started any production.
An inportant event during the first quarter of 2007 was the announcement from
the Norwegian Ministry of Petroleum and Energy on January 29th 2007 that PA
Resources Norway had been awarded 20 percent interest in each of the two new
licenses on the Norwegian continental shelf, as a step in the allocation of
pre-defined areas in Norway (APA 2006). The first license (PL 414) is part of
the blocks 25/3, 25/5 and 25/6, located approximately 20 kilometres east of the
Heimdal field, and the second license (PL 418) is part of the blocks 35/8 and
35/9 located between the Vega and Gjøa discoveries. The initial period of the
awards is five years, with a firm commitment programme in both licenses to carry
out technical work prior to making a decision to drill within the license or
drop the license within the first two years.
Production and exploration
Volve
The oil discovery in the Volve field is under development. Operator for
the Volve field is Statoil ASA which owns 49.6 percent of the license. Other
partners are ExxonMobil Exploration & Production AS with 30.4 percent working
interest, Norsk Hydro with 10 percent working interest and PA Resources Norway
AS with 10 percent working interest.
Statoil's work during the first quarter has been focused on completing the
platform Maersk Inspirer and a process facility. The work has been slightly
delayed and the transport of the platform to the Volve field is therefore
estimated to take place in the beginning of May 2007. After that, the drilling
of the production well can start towards the end of May. A total of three
production wells, three water injectors and two water production wells are to be
drilled from the plat form. In addition, Statoil plans to drill three
exploration wells as side steps to the production wells. The production is
estimated to start during the third quarter of 2007. Statoil estimates that the
field will produce at the most approximately 50,000 barrels of oil per day
during six to seven years.
PL 274 - The Oselvar field
The license PL 274 contains a promising prospect in the Oselvar field. Operator
for the license is DONG Norge AS with 40 percent working interest and other
partners are Revus Energy with 30 percent and PA Resources with 30 percent.
During the first quarter of 2007, work has consisted of drilling preparations. A
drilling rig has been secured, and during fall 2007 an appraisal- and
exploration well will be drilled on the field. After that, a plan for
development and operation will be sent to the authorities. Production is
expected to start in 2009.
PL 001B
PA Resources owns a 15 percent working interest in the license PL 001B on the
Norwegian continental shelf. The operator is DNO with a 35 percent working
interest and the remaining partner is Statoil with a 50 percent working
interest. The license contains the prospects West Cable and Draupne.
During the first quarter of 2007, work has consisted of drilling preparations.
During 2007, an exploration well will be drilled on the Draupne prospect and a
drilling rig is secured. If the results from the drilling are successful, this
could lead to a co-ordinated development of the West Cable prospect and the
prospect Hanz in PL 028B. A plan for development and operation will in that case
be drawn up during 2008.
PL 305/305B
PA Resources owns a 10 percent working interest in the license PL 305 and in PL
305B. The operator is DNO with a 30 percent working interest and other partners
are Talisman with a 30 percent working interest and Revus Energy with a 30
percent working interest.
During the first quarter of 2007, work has mainly consisted of drilling
preparations. An exploration well will be drilled on the Lie prospect during
summer 2007 and a drilling rig is secured. The result of the drilling will be
evaluated before a decision is made about further work.
PL 341
PA Resources owns a 10 percent working interest in the license PL 341. The
operator is DNO with a 30 percent working interest and other partners are
Talisman with a 30 percent working interest and Revus Energy with 30 percent
working interest.
The license contains the prospect Thorkildsen. A decision has been made about
drilling an exploration well on Thorkildsen and the drilling is planned for fall
2007. The work programme for 2007 will mainly consist of analysing the results
from the drilling. Since previous results from PL 305/PL 305B and PL 341 are
positive, a plan for development and operation can be drawn up during 2008. A
development of the Thorkildsen prospect could be co-ordinated with a development
of the Draupne, Hanz and West Cable prospects.
PL 414
PA Resources owns a 20 percent working interest in the license PL 414. The
operator is Pertra with a 40 percent working interest and the other partners are
Faroe Petroleum with a 20 percent working interest and Noreco with a 20 percent
working interest. The license contains several prospects and possible prospects.
During the first quarter, work has consisted of preparing a work programme,
acquiring seismic data and preparing for re-processing of these data. A decision
regarding drilling will be made before the end of 2009.
PL 332
PA Resources owns a 10 percent working interest in the license PL 332. The
operator is Talisman with a 50 percent working interest and the other partners
are DNO with a 20 percent working interest and Pertra with a 20 percent working
interest.
During the first quarter, work has consisted of acquiring and re-processing
seismic data. The license contains several findings, and a decision regarding
drilling will be made before the end of 2007.
PL 334
PA Resources owns a 10 percent working interest in the license PL 334. The
operator is Talisman with a 60 percent working interest and remaining partner is
DNO with a 30 percent working interest.
During the first quarter, work has consisted of acquiring and processing
seismic databases. A decision regarding drilling will be made before December
2007.
Acquisitions
No new acquisitions have taken place in Norway during the first quarter of 2007.
Equatorial Guinea
PA Resources AB owns shares in two exploration areas in the Gulf of Guinea off
the coast of Equatorial Guinea in West Africa.
Equatorial Guinea has recently passed a new petroleum law that will affect all
oil companies with business or assets in the country. During the first quarter,
PA Resources has started to gather information about the new law. The law
implies, among other things, that the country's own petroleum company, GEPetrol,
will enter as a partner with approximately a 25 - 35 percent working interest in
all licenses in Equatorial Guinea. In addition, there are a number of new rules
and requirements that all companies which have agreements with the government
must fulfil. It is still very unclear how the new law will be implemented and
how it will affect PA Resources and the company's assets in the country.
However, negotiations will start between GEPetrol and the operators for block H
and block I.
Exploration
Block H
The operators of Block H are Pioneer Natural Resources, with a 50 percent
working interest, together with Roc Oil with 18.8 percent working interest.
Other partners are Atlas Petroleum which owns 28.1 percent and PA Resources with
3.1 percent.
During the first quarter of 2007, PA Resources has participated in the
preparatory work before the drilling of the Altea prospect. Roc Oil has
contracted the drilling rig Aban Abraham that according to plans will arrive to
Equatorial Guinea in the middle of 2007. The drilling of the Altea prospect is
planned for fall 2007. Presently, there are ongoing discussions between the
license partners regarding the new petroleum law and this might affect the
drilling plans.
Block I
The American company Noble Energy is the operator for Block I and owns a 40
percent working interest in the license. The other partners are Atlas Petroleum
which owns 54 percent and PA Resources which owns 6 percent.
During the quarter, operators Noble Energy and Atlas Petroleum International
have prepared for the coming drillings in Block I. Two exploration wells will be
drilled during 2007 by the drilling rig Songa Saturn. The first well will be
drilled in the Benita prospect and the drilling is planned to start during May
2007. It has not yet been decided where to drill the second exploration well.
Production
Production is expected to begin in 2010 at the earliest.
Acquisitions
No new acquisitions have taken place in Equatorial Guinea during the first
quarter of 2007.
The Republic of Congo (Brazzaville)
In October 2006, PA Resources AB signed an agreement regarding the acquisition
of all the share capital in the company Adeco Congo BVI Ltd. The company owns a
local subsidiary with residence in the Republic of Congo (Brazzaville) which
owns an 85 percent license share in a production sharing agreement for the block
Marine XIV.
Exploration
Marine XIV
The block Marine XIV is located in shallow water in the largest oil producing
zone offshore the Republic of Congo (Brazzaville). PA Resources' subsidiary owns
an 85 percent license share in the license. The national oil company in Congo,
SNPC, owns the remaining 15 percent in accordance with the production sharing
agreement applicable to the license.
Previous exploration activities in the block have shown at least one oil
discovery where test production amounted to 1,500 barrels per day. The discovery
is estimated to contain approximately 38 million barrels contingent resources
according to a third-party appraisal.
During the first quarter of 2007, a geology and geophysics project was started.
In the town of Point Noir, an office has been rented and a person responsible
for accounting has been hired by the subsidiary Adeco Congo SA.
During 2007, the analyses of the 3-dimensional seismic data and log data will be
completed, re-processing of seismic data will be carried out and a database will
be made. In addition, PA Resources will begin the preparatory work before the
drilling of an exploration well during 2008.
In those cases where commercially recoverable resources are found at the
drilling of the exploration well, production from Marine XIV can be started in
about 2-3 years, depending on the access to drilling rigs.
Acquisitions
No new acquisitions have taken place in the Republic of Congo (Brazzaville)
during the first quarter of 2007.
Financial results - Group
* Profit for the period first quarter of 2007 amounted to SEK 39.9 million
(-3.2).
The negative result for the comparable period 2006 is due to the Group's change
of accounting principle for the inventory. For more information, read Note 2 -
Accounting principles.
* Group revenue during the quarter amounted to SEK 281.6 million (127.5), which
is
an increase by 121 percent compared to the corresponding period last year. The
Group's revenue completely refers to production and sales of oil in Tunisia. The
principle reason for the increase is the fact that the production has increased
compared to the corresponding period last year, as the platform at the
Didon-field has been taken into production. The oil sales price has though been
on a slightly lower level, which has had an influence on group revenue.
Operating profit for the quarter amounted to SEK 129.6 million (2.4) and the
operating profit margin amounted to46 percent (2). Profit after financial items
amounted to SEK 72.2 million (1.3).
* EBITDA (earnings before interests, taxes and depreciations) amounted to SEK
167.6 million (21.0).
* Return on total capital employed (the Group's profit divided by the Group's
total shareholders' equity) amounted to 1.6 percent (-0.2) and return on
operational capital employed (the Group's profit before tax plus interest
expenses plus/less exchange differences on financial loans divided by the
average capital employed (the average balance sheet total less non-interest
bearing liabilities)) amounted to 3.0 percent (0.6).
* Earnings per share before dilution became 0.28 SEK (-0.02) and earnings per
share after dilution became 0.27 SEK (-0.02). The dilution effect is referred
to the Group's share option program from October 2005.
* Cash flow for the period became SEK -148.7 million (54.5) and cash and cash
equivalents amounted to SEK 527.0 million (804.3) at the end of the period. The
negative cash flow is due to the Group's major investments in oil and gas assets
in Tunisia.
Parent company
Parent company revenue mostly refers to sales within the Group and amounted to
SEK 4.7 million (15.5) during the first quarter 2007. Total loss for the first
quarter amounted to SEK -80.9 million (1.8) and has primarily been negatively
affected by significant interest expenses and exchange losses. Cash and cash
equivalents amounted to SEK 408.4 million (547.8) on the balance sheet day and
shareholders' equity amounted to SEK 1, 740.6 million (1, 344.2). No significant
investments have been made during the quarter.
Production and sales
An inaccuracy has been found in the basic data that were used in the Production-
and sales report for the first quarter 2007, which was published at the 16th of
April 2007. A revision of the production statistics has therefore been made. The
revised statistics are presented here:
* Total production during the quarter amounted to 672,000 (283,000) barrels of
oil
equivalents (BOE), of which 672,000 (283,000) BOE of oil and 0 (0) BOE of gas.
This is an increase with 137 percent compared to the corresponding period last
year. Production refers solely to Tunisia.
* The average production per day amounted to 7,470 (3,147) BOE oil during the
quarter. This is an increase compared to the fourth quarter 2006, when the
average production amounted to 4,696 BOE per day. The increase of production is
due to the fact that the Group's new production platform at the Didon-field in
Tunisia was taken into production at the end of 2006, and has been in production
during the first quarter. During the quarter, some additional work has been
carried through at the platform; the production well, Didon-6, and the new and
upgraded export system have been connected to the platform. During the quarter,
the platform was shut down during a total of 16 days. At the end of March, the
platform began regular production and reached a production level of 20,000
barrels per day on average.
Ä A total of 296,000 (529,000) BOE oil was sold during the first quarter, of
which
78,000 (515,000) to export and 218,000 (14,000) to the local market in Tunisia,
to an average price of 53.44 USD per barrel (57.04).
* The oil inventory increased during the quarter with 108,000 barrels and
amounted
to 388,000 barrels at the end of the period.
Oil and Gas reserves
The Group's oil and gas reserves are estimated to 106.1 million barrels of oil
equivalents as of December 31, 2006. The estimates are based on geological
studies as well as external third party evaluations. For additional information
about PA Resources' reserves, see the Year End Report 2006.
Investments during the quarter
Investments in tangible fixed assets amounted to SEK 689.6 million (190.0)
during the first quarter 2007, whereof SEK 683.9 million referred to investments
in oil and gas assets and SEK 5.7 million referred to investments in machinery
and equipment. Investments in intangible fixed assets amounted to SEK 30.2
million during the first quarter and referred to investment in oil- and gas
assets.
Financial position
The cash flow during the period amounted to SEK -148.7 million (54.5) and cash
and cash equivalents amounted to SEK 527.0 million (804.3). Shareholders equity
amounted to SEK 2,447.9 million (1,586.6) at the reporting date resulting in a
financial strength of 45.6 (44.3).
At February 22nd, 2007, PA Resources issued a new bond loan of USD 100 million
(equivalent to about SEK 717.2 million). The bonds carry a coupon of 3.5
percent above LIBOR. The bonds carry a coupon of 3 months Libor + 3.50 percent.
The loan will have instalments of USD 10 million in 2009, USD 10 million in 2010
and USD 10 million in 2011, while the remaining loan amount of USD 70 million
will mature in March 2012. The new bonds are issued by Didon Tunisia Pty Ltd
with an unconditional guarantee from PA Resources AB. The bonds will be secured
by a first priority pledge over all outstanding shares in Didon Tunisia Pty Ltd,
which subsidiary Didon Pty Limited Tunisian Branch is the owner of the PA
Resources Group's interest in the fields Didon, Zarat and Elyssa in Tunisia.
The 5,000,000 new shares, issued by PA Resources AB in the directed share issue
of December 2006, were formally registered with the Swedish Companies
Registration Office (Bolagsverket) on March 23rd, 2007. As a consequence of the
registration of the new share issue, the share capital in the company now
amounts to 72,507,002 SEK divided into 145,014,004 shares. All of these shares
are registered with the Nordic Central Securities Depository (VPC) in Sweden,
whereof 66,556,685 shares also are registered with the Norwegian Central
Securities Depository (VPS). In accordance with the Stock Lending Agreement
between Carnegie ASA and companies controlled by Ulrik Jansson and Jan
Haudemann-Andersen, a total of 5,000,000 shares have now also been delivered
back to the lenders. For additional information relating to this private
placement, the company refers to three press releases dated 12th and 13th of
December 2006, as well as 23rd of March 2007.
Allocation of share warrants
At the extra ordinary shareholders' meeting on October 17th 2005, it was decided
to issue 5,100,000 share warrants in PA Resources AB. The share warrants was
part of an incentive call option programme intended for management, key
personnel and certain board members within the Group. Of the total number of
issued share warrants, 1,800,000 share warrants were allocated to certain
present and future board members and 3,300,000 share warrants were allocated to
the management and other key personnel.
During the first quarter 2007, 100,000 share warrants, with an exercise price of
71 SEK per share, were allocated to key personnel within the Group. As per March
31st, 2007, a total of 4,050,000 share warrants have been allocated, of which
1,500,000 to board members and 2,550,000 to key personnel. For additional
information, see note 9 Accounting of share warrants in this interim report.
Nomination committee
The three largest shareholders in PA Resources AB (publ) appointed, on March 2,
2007, a Nomination Committee for the company's Annual General Meeting 2007. The
election committee consists of the following individuals:
- Rabbe Lund, Chairman of the Board
- Sven Rasmusson, appointed by the shareholder Bertil Linqvist. Appointed to the
chairman of the committee.
- Catharina Nystedt-Ringborg, appointed by the shareholder Ulrik Jansson
- Harald Hellebust, appointed by the shareholder Jan Haudemann-Andersen
The Nomination committee has, for the Annual General Meeting the 9th of May
2007, left suggestions on the composition of the Board, number of Board members,
new Chairman of the Board, Board members' and auditors' fees, the Chairman at
the Annual General Meeting and the composition of next Nomination committee.
Read more about this in the press release dated March 2, 2007, in the notice for
the Annual General Meeting as well as on the company's website
www.paresources.se.
Personnel
Average number of employees in the Group during the first quarter 2007 was 118
persons. Total number of employees as of March 31st, 2007 reached 120 persons,
of which 3(3) in Sweden, 13 (8) in Norway and 104 (93) in Tunisia. Of the total
number of employees, 102 were men (89), and 18 (15) were women. The numbers in
parenthesis regard corresponding period last year.
General Shareholders Meeting
The General Shareholders Meeting will be held on May 9th, 2007, at 9.00 (CET) at
Hotel Birger Jarl, Tulegatan 8 in Stockholm, Sweden. The notice and other
information materials are available on the company's website www.paresources.se.
Dates for financial reports
General Shareholders Meeting May 9th, 2007
Interim report Jan-June 2007 (incl. Q2) August 22nd, 2007
Interim report Jan-Sep 2007 (incl. Q3) November 14th, 2007
Year-End report (incl. Q4) February 13th, 2008
This interim report has not been subject to particular review by the company's
auditors.
Stockholm, May 8, 2007
Ulrik Jansson
President and CEO
PA Resources AB (publ)
FOR COMPLETE INTERIM REPORT, SEE THE ATTACHED FILE.
