OilVoice - PA Resources Announces Interim Results for the Second Quarter 2009

PA Resources Announces Interim Results for the Second Quarter 2009

Wednesday, August 19, 2009

Summary second quarter 2009
• Total revenue for the Group amounted to SEK 432.1 million (739.2). Sales revenue was affected by lower oil prices, which at the same time were counteracted by a stronger USD than in the same period a year ago.
• Production increased during the quarter, when 819,900 barrels of oil were produced, compared with 783,000 barrels during the first quarter of 2009.
• Net profit for the period was SEK 73.6 million (246.3), which is an improvement over the first quarter of 2009, when the net loss was SEK -63.4 million.
• Earnings per share before dilution were SEK 0.50 (1.70), and earnings per share after dilution were SEK 0.50 (1.68).
• An additional production well at the Didon field in Tunisia came on stream at the end of June, entailing a further increase in production level.
• Three important milestones were passed after the end of the period. The Azurite field in the Republic of Congo was put in production, and additional wells will gradually come on stream during the year. In addition, an oil discovery was made at the Mer Profond Sud licence offshore the Republic of Congo, and the development of the Aseng field in Equatorial Guinea has been formally sanctioned.

Summary first half year 2009
• Total revenue for the Group amounted to SEK 762.4 million (1,366.1) during the period. The decline is mainly due to lower oil prices which at the same time were counteracted by a stronger USD compared with the same period a year ago.
• Net profit for the period was SEK 10.2 million (480.3).
• Earnings per share before dilution were SEK 0.07 (3.31), and earnings per share after dilution were SEK 0.07 (3.29).
• Total equity increased to SEK 4,941.1 million (3,735.9) during the period through completed new issues of convertible bonds and shares, which together raised SEK 1,372.1 million in liquid funds for the Group. The contributed amounts are included in cash flow from financing activities.
• The equity/assets ratio was 45 percent (42).

Comments from Ulrik Jansson, President and CEO at PA Resources:
“During the first half of 2009 we achieved the goal of increasing our production and it will continue to increase during the rest of the year as additional wells are drilled and brought on stream at the Azurite field in the Republic of Congo. The field gives the Group vital production from yet another region and generates cash flow that is contributing to the further development of our assets.”