Announcement from PA Resources AB’ Extraordinary General Meeting on 5 July 2013

PA Resources AB (publ) held an Extraordinary General Meeting on Friday 5 July
2013 in Stockholm. The meeting decided in accordance with the board of
director’s proposal, including a decision to carry out a new share rights issue.
The following main decisions were made at the meeting:

Decision regarding adoption of new articles of association

The meeting decided to adopt new articles of association in two steps, involving
changes regarding the share capital and changes regarding the minimum and
maximum number of shares.

Decision regarding reduction of the share capital

The meeting decided to reduce the share capital with SEK 1,117,533,921 by
allocation to a non-restricted reserve to be used in accordance with the
shareholders’ decision. The reduction of the share capital will be made without
redemption of shares by changing the share quota value from SEK 50 to SEK 10.50
per share.

Decision regarding new share rights issue

The meeting decided in accordance with the board of director’s proposal to carry
out a new share rights issue on the following main terms.

  · The new share rights issue will comprise a maximum of 84,875,994 shares
corresponding to an increase in the share capital of a maximum of SEK
891,197,937.
  · The record day for participation in the new share rights issue will be 15
August 2013.
  · The subscription price for the new shares will be SEK 10.50 per share.
  · Subscription of new shares will take place during the period from and
including 19 August up to and including 2 September 2013.

The new share rights issue is fully guaranteed by Gunvor Group Ltd., the largest
shareholder in the company, by Lorito Holding Ltd., an investment company owned
by a trust belonging to the Lundin family, and by a guarantee consortium put
together by Carnegie Investment Bank AB (publ). The new share rights issue will
generate a total subscription amount of approximately MSEK 891 (before
transaction related costs).

Detailed information regarding the new share rights issue will be included in a
prospectus which will be published on or around 15 August 2013 and which will be
available, inter alia, at PA Resources’ website www.paresources.se.

Decision regarding bonus issue

The meeting decided to carry out a bonus issue, thereby increasing the share
capital with SEK 226,335,984 by making use of the company’s non-restricted
equity, to be carried out without issue of new shares and by raising the quota
value of the shares from SEK 10.50 per share to SEK 12.50 per share.

Election of new Board member

The meeting decided to appoint Nils Björkman as new member of the board of
directors of the company. Nils Björkman, born in 1954, has long experience from
senior positions within the Tetra Pak Group, among others MD for Tetra Pak in
England and Canada and President and CEO for Tetra Laval Food, Tetra Pak Europe
& Africa and Tetra Pak Market Operation. He is at present Vice President of
Commercial Operations and Cluster Organisation within the Tetra Pak Group and a
member of the board of directors of SourceByNet Pte Ltd. (SBN). Further, the
meeting decided on a fee of SEK 275,000 to Nils Björkman on the same principles
as apply to the other board members. This means that the total fee to the board
for this financial year will amount to SEK 1,650,000.

Stockholm on 5 July 2013

PA Resources AB (publ)

For further information, please contact:

Sven A Olsson, Chairman of the board of directors
+46 708 24 19 70

Tomas Hedström, CFO
+46 8 545 211 56

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 2,184 million in 2012. 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 11.50 a.m. CET on 5 July 2013.
IMPORTANT NOTICE

The information in this press release is not for release, publication or
distribution, directly or indirectly, in or into the United States, Australia,
Hong Kong, Japan, Canada, Switzerland, Singapore, South Africa or New Zeeland.
The distribution of this press release in certain other jurisdictions may be
restricted. The information in this press release shall not constitute an offer
to sell or the solicitation of an offer to purchase any securities in PA
Resources in any jurisdiction. This press release does not constitute, or form
part of, an offer or solicitation to purchase or subscribe for securities in the
United States. The securities referred to herein may not be offered or sold in
the United States absent registration or an exemption from registration as
provided in the U.S. Securities Act of 1933, as amended. PA Resources does not
intend to register any portion of the offering of the securities in the United
States or to conduct a public offering of the securities in the United States.
Copies of this announcement are not being distributed or sent and may not be
distributed or sent to the United States, Australia, Hong Kong, Japan, Canada,
Switzerland, Singapore, South Africa or New Zeeland. Any person who may obtain
this press release is obligated to inform him-/herself with respect to
compliance with the aforementioned restrictions and in particular not to publish
or distribute the press release in contravention with applicable securities
regulations.

This document has not been approved by any regulatory authority. This document
is a press release and not a prospectus and investors should not subscribe for,
or purchase any securities referred to in this document, except on the basis of
information that will be provided in the prospectus to be published by PA
Resources on its web site on or around 15 August 2013.

PA Resources has not resolved to offer to the public shares or rights in any
Member State of the European Economic Area other than Sweden and any other
jurisdiction into which the offering of shares or rights may be passported.
Within such Member States of the European Economic Area other than Sweden (and
any other jurisdiction into which the offering of shares or rights may be
passported) and which has implemented the Prospectus Directive (each, a
“Relevant Member State”), no action has been undertaken as of this date to make
an offer to the public of shares or rights requiring a publication of a
prospectus in any Relevant Member State. As a result hereof, the shares or
rights may only be offered in a Relevant Member State: (a) to a qualified
investor (as defined in the Prospectus Directive or applicable law), or (b) in
any other circumstances, not requiring PA Resources to publish a prospectus as
provided under Article 3(2) of the Prospectus Directive.

For the purposes hereof, the expression an “offer to the public of shares or
rights” in any Relevant Member State means the communication, in any form, of
sufficient information on the terms of the offer and the shares or rights to be
offered so as to enable an investor to decide to purchase any securities, as the
same may be varied in a Relevant Member State due to the implementation of the
Prospectus Directive in that Member State and the expression “Prospectus
Directive” means Directive 2003/71/EC including any relevant implementing
measure in each Relevant Member State.