New strategic focus
Summary second quarter
* Total revenue for the Group amounted to SEK 588.9 million during the second
quarter, compared with SEK 432.1 million in the same period a year ago.
* EBITDA for the second quarter was SEK 348.9 million (309.2) and the EBITDA
margin was 59.2% (71.6).
* Operating profit amounted to SEK 163.0 million (119.9) giving an operating
margin of 27.7% (27.7).
* The profit/loss before tax was SEK -138.5 million (151.6) during the second
quarter negatively affected by currency and revaluation effects of SEK
-218.4 million (10.7), mainly attributable to outstanding loans in USD.
* Earnings per share during the second quarter amounted to SEK -0.46 (0.24)
before dilution and SEK -0.46 (0.24) after dilution.
* Total capital expenditures remained in line with forecast and amounted to
SEK 420.3 million during the quarter, compared with SEK 1,373.4 million
during the same period a year ago.
* The successfully completed rights issue raised SEK 1,716.4 million for the
Group.
* The Board of Directors has adopted a new five-year strategic and operational
plan for the company focusing on accelerated development of existing assets
combined with selective exploration to increase the reserves and resources.
Summary first half of 2010
* Total revenue for the Group amounted to SEK 999.1 million (762.4) during the
first half of the year.
* EBITDA was SEK 556.4 million (468.6) and the EBITDA margin was 55.7% (61.5).
* Operating profit was SEK 177.4 million (103.2) giving an operating margin of
17.8% (13.5).
* The profit/loss before tax was SEK -227.0 million (102.7) negatively
affected by currency and revaluation effects of SEK -266.3 million (70.5),
mainly attributable to outstanding loans in USD.
* Earnings per share after dilution were SEK -0.76 (0.03).
Comments from President and CEO Bo Askvik
- PA Resources has thanks to the successfully completed rights issue and the new
reserve-based credit facility a solid financial base. Our geographically
diversified licence portfolio has promising potential. We are now focusing on
developing fields in order to achieve higher production long-term complemented
with a selective effort to increase our reserves for the future. I therefore
have great confidence in PA Resources' continued development.
Stockholm, 2010-08-18
PA Resources AB (publ)
(For the complete Interim Report, see the attached file)
For more information, please contact:
Bo Askvik
President and CEO, PA Resources AB
Telephone: +46 (0)8 21 83 82 (switchboard)
Mobile: +46 (0)708 19 59 18
E-mail:ir@paresources.se
Webcast conference call, 18 August 2010
On 18 August at 10 a.m. (CET), PA Resources will be presenting its results for
the second quarter, via a webcast conference call. To participate live,
visitwww.paresources.se (home page), or call:
Sweden: +46 (0)8 505 598 53
UK: +44 (0)203 043 24 36
US: +1 866 458 40 87
The conference call and presentation material can also be viewed afterwards at
the same website:www.paresources.se.
PA Resources AB (publ) is an international oil and gas group with the business
strategy to acquire, develop, exploit and divest oil and gas reserves, as well
as explore new findings. The Group operates in Tunisia, United Kingdom, Denmark,
Greenland, Netherlands, Equatorial Guinea and the Republic of Congo
(Brazzaville). PA Resources is one of the largest oil producers in Tunisia and
is also producing oil in the Republic of Congo. The parent company is located in
Stockholm, Sweden.
PA Resources' net sales amounted to SEK 2,113 million during 2009. The company
is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Mid
Cap) and on the Oslo Stock Exchange in Norway (segment OB Match). For additional
information, please visitwww.paresources.se.
[HUG#1438337]
