OilVoice - PA Resources Announces 2009 Full Year Results

PA Resources Announces 2009 Full Year Results

Wednesday, February 17, 2010

Summary fourth quarter 2009
• Total revenue for the Group amounted to SEK 653.9 million, compared with SEK 370.9 million for the same period a year ago.
• EBITDA amounted to SEK 358.4 million (202.3) and the EBITDA margin was 54.8 % (54.5) during the quarter.
• Operating profit amounted to SEK 79.1 million (87.9), giving an operating margin of 12.1 % (23.7).
• Profit before tax for the period was SEK 100.0 million (-196.7). Earnings per share after dilution was SEK -0.13 (2.66).
• Total capital expenditures during the quarter amounted to SEK 228.8 million, compared with SEK 801.6 million during the same quarter a year ago. The lower rate of investment is due to the fact that most of the expenditures ahead of the production start at the Azurite field in the Republic of Congo have been completed.
• The second production well at the Azurite field was put in production on the 12 February, and Azurite will thereby gradually take over as the Group's largest producing field.

Summary full year 2009
• Group revenue during 2009 amounted to SEK 2,112.8 (2,419.9) million.
• EBITDA amounted to SEK 1,325.9 million (1,771.8) and the EBITDA margin was 62.8 % (73.2).
• Operating profit amounted to SEK 429.6 million (1,395.7), giving an operating margin of 20.3 % (58.0).
• Profit before tax for the period amounted to SEK 317.5 million (823.1). Earnings per share after dilution was SEK 0.08 (6.34).
• Total production for the full year 2009 was 4,074,500 barrels (4,039,900). Average production increased during the second half of the year to 13,400 barrels per day, compared with 8,900 barrels per day during the first half of the year.
• PA Resources proved oil- and gas reserves (1P) increased from 8.9 in the end of 2008 to 51.8 million barrels of oil equivalents in the end of 2009. At the same time, the amount of oil and condensate increases in the 2P-reserves at the Elyssa and Zarat fields in Tunisia, and the share of oil is now approximately 60% compared with the previous 25%.

Comments from President and CEO Ulrik Jansson
"In view of the strengthened oil price and PA Resources' growing production, I am confident about 2010 and going forward. It is also gratifying that we continue to increase production at the Azurite field in the Republic of Congo. A second production well was taken into operation last week and a third production well will be completed in March."