The oil and gas company PA Resources changes market segment from Mid Cap to Large Cap on the Nordic Exchange with effect from July 1, 2008. The segment Large Cap includes companies whose shares have a market value of 1 billion euro or more.
“The step from Mid Cap to Large Cap is indeed an important and exciting milestone in PA Resources development It shows the capital market and our shareholders that PA Resources business and assets are valued on a level comparable with many of the largest and most well-known listed companies in Sweden,” says Ulrik Jansson, President and CEO at PA Resources.
PA Resources sales have doubled almost six times and the profit has increased with more than 700 percent during the latest three years. New licences for exploration and production have been acquired or assigned to PA Resources in several new countries. The interest for PA Resources' shares has also increased strongly, for example among institutional investors.
“Today, PA Resources has a market cap amounting to approximately SEK 10 billion (equivalent to approx. euro 1.1 billion). We believe that the interest for trading our shares will last, as the oil business is a very exciting business w here there still are great possibilities for value growth,” says Ulrik Jansson.
PA Resources is primary listed at the Oslo Stock Exchange in Norway since October 2000, and secondary listed at the OMX Nordic Exchange since June 2006. Between September 1998 and June 2006 the company was listed at the market place Nordic Growth Market in Sweden.