PA Resources ABs Interim Report for the second quarter 2009
(Thomson Reuters ONE) - Increasing productionSummary 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 sametime were counteracted by a stronger USD than in the same period ayear ago.* Production increased during the quarter, when 819,900 barrels ofoil were produced, compared with 783,000 barrels during the firstquarter of 2009.* Net profit for the period was SEK 73.6 million (246.3), which is animprovement 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), andearnings per share after dilution were SEK 0.50 (1.68).* An additional production well at the Didon field in Tunisia came onstream at the end of June, entailing a further increase in productionlevel.* Three important milestones were passed after the end of the period.The Azurite field in the Republic of Congo was put in production, andadditional wells will gradually come on stream during the year. Inaddition, an oil discovery was made at the Mer Profond Sud licenceoffshore the Republic of Congo, and the development of the Asengfield 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 priceswhich at the same time were counteracted by a stronger USD comparedwith 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), andearnings per share after dilution were SEK 0.07 (3.29).* Total equity increased to SEK 4,941.1 million (3,735.9) during theperiod through completed new issues of convertible bonds and shares,which together raised SEK 1,372.1 million in liquid funds for theGroup. The contributed amounts are included in cash flow fromfinancing 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 increasingour production and it will continue to increase during the rest ofthe year as additional wells are drilled and brought on stream at theAzurite field in the Republic of Congo. The field gives the Groupvital production from yet another region and generates cash flow thatis contributing to the further development of our assets.Stockholm, 2009-08-19PA Resources AB(For the complete Interim Report, see the attached file)For more information, please contact:Ulrik JanssonPresident and CEO, PA Resources ABTelephone: +46 8 21 83 82. E-mail: ir(at)paresources.seorBo AskvikCFO, PA Resources ABMobile: +46 708 19 59 18. E-mail: bo.askvik(at)paresources.sePresentation of Interim Report on August 19, 2009PA Resources will release the Interim Report for the second quarter2009 on Wednesday 19 August at 08.15 CET. The report will bepresented by President and CEO Ulrik Jansson together with CFO BoAskvik at a conference call the same day at 10.00 CET. The conferencecall will be in English. The presentation material will be publishedon www.paresources.se where it will also be possible to listen to thepresentation afterwards. A brief web film summarizing the report willalso be available on the company's web site in connection with thepresentation.To participate, please call one of the following numbers:Sweden: +46 (0)8 505 598 53UK: +44 (0)203 043 24 36US: +1 866 458 40 87PA Resources AB (publ) is an international oil and gas group with thebusiness strategy to acquire, develop, exploit and divest oil and gasreserves, as well as explore new findings. The Group operates inTunisia, United Kingdom, Denmark, Greenland, Netherlands, EquatorialGuinea and the Republic of Congo (Brazzaville). PA Resources is todayone of the largest oil producers in Tunisia. The parent company islocated in Stockholm, Sweden.PA Resources' net sales amounted to SEK 2,420 Million during 2008.The company is primary listed on the Oslo Stock Exchange in Norway(segment OB Match) and secondary listed on the NASDAQ OMX NordicExchange in Stockholm, Sweden (segment Mid Cap). For additionalinformation, please visit www.paresources.se.http://hugin.info/130006/R/1335719/317559.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 19.08.2009 - 08:16 Uhr
Sprache: Deutsch
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