Summary third quarter
< Total revenue for the Group amounted to SEK 530.0 million (696.5) during
the third quarter.
< EBITDA for the third quarter amounted to SEK 281.6 million (499.0) and the
EBITDA margin was 53.1% (71.6).
< Operating profit amounted to SEK 94.3 million (247.3) giving an operating
margin of 17.8% (35.5).
< The profit before tax amounted to SEK 315.1 million (114.9) during the
third quarter.
< Earnings per share during the third quarter amounted to SEK 0.22 (0.08)
before dilution and SEK 0.22 (0.08) after dilution.
< Total capital expenditures remained in line with forecast and amounted to
SEK 347.6 million during the quarter.
< The fourth production well at the Azurite field in the Republic of Congo
was completed during the third quarter and came on stream in early October.
Summary nine-month period 2010
< Total revenue for the Group amounted to SEK 1,529.1 million (1,458.9)
during the nine-month period.
< EBITDA was SEK 838.0 million (967.5) and the EBITDA margin was 54.8%
(66.3).
< Operating profit amounted to SEK 271.7 million (350.5) giving an operating
margin of 17.8% (24.0).
< The profit before tax was SEK 88.2 million (217.6).
< Earnings per share after dilution were SEK -0.35 (0.11).
Comments from President and CEO Bo Askvik
"The third quarter was characterised by a high level of activity throughout our
organisation, involving both increases in production and preparing for our very
extensive drilling programme. Our exploration and appraisal programme during the
coming six months covers a total of ten wells in all three regions. In
accordance with our strategic plan, our rate of investment is high, but will
decrease in 2011."
Stockholm, 2010-10-27
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
or
Nicolas Adlercreutz
CFO, PA Resources AB
Telephone: +46 (0)8 21 83 82 (switchboard)
Mobile: +46 (0)70 587 44 88
Conference call and webcast
PA Resources will present its results for the third quarter of 2010 via live
webcast atwww.paresources.se. Participation is also possible by phone. To
participate, see the link on www.paresources.se (homepage), or call:
Sweden: +46-(0)8 505 598 53
UK: +44-(0)203 043 24 36
USA: +1 866 458 40 87
The presentation material will also be available ahead of the conference call at
www.paresources.se. A recorded version of the presentation can also be viewed
afterwards at the web site.
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 visit www.paresources.se.
[HUG#1455565]
