PA Resources finding our niche Q2 Presentation 18 July 2014
International business PA is an international oil & gas company with assets across the full spectrum of exploration, appraisal, development and production Take out Greenland Our Core Areas of operations are West Africa, North…
Geographically balanced portfolio West Africa North Africa North Sea Production Production Appraisal & Aseng Didon Development Alen DST Broder Tuck Lille John Appraisal & Appraisal & Birgitta Development Development Diega…
How we deliver value M&A Develop Current Portfolio Strong Organic Owners Growth Top Good Team Assets Right Operators Development Planning Maximise Asset Value 4
A period of change for long term success 2013 2014 - 2016 2017 Laying the Building the platform Sustainable Future Foundations Exploration and Appraisal drilling Increased and stable Short term finance Development Plans completed…
Block I current value and future potential 2005 2007 2008 2012 2013 2013 2014 Alen Aseng Diega Diega Development Plan Aseng first oil Alen first gas Diega appraisal Discovery Discovery Discovery Q2 Update Gas compressor issues…
Mer Profonde Sud exploration 2002-2004 2010-2011 2014 2008 2012 WO & Infill Drilling 2013 3D Seismic 2015 DL-23 PA acquisition 3D Seismic survey SOCO Farm-out Exploration Well Q2 Update SOCO has assumed operatorship Third…
Didon rehabilitation 2014 2017 1976 1997 1998 2005 2006 2008-2009 2011 2013-2017 Discovery Concession First Oil PA Acquisition Platform + 2 Wells 4 New Wells Enhancement Study Development ESPFirst production Q2 Update Announced…
Zarat Field development 1990 1992 1995 2005 2012 2013 2014 Permit Award Discovery Appraisal Well PA Acquisition Draft POD EnQuest Farm-Out UUOA, UPOD Q2 Update Agreed timetable for UUOA in Q4 POD with ETAP on target for…
Elyssa Field appraisal 1974 1992 2005 2006/2007 2010 2013 2015 Appraisal Enquest Farm-Out Appraisal Well Discovery PA Acquisition Appraisal Well + ST New 3D Seismic Well Q2 Update Planning of appraisal well continues…
Commercialisation of Broder Tuck 2006 2008 2011 2012 2013 2014 6th license round PA acquired Exploration well Discovery Evaluation Dana Farm-out Pre-Development Evaluation Awarded to Scotsdale Scotsdale Report Q2 Update Concept…
Appraisal drilling of Lille John 2006 2008 2011 2012 2013 2014 6th license round PA acquired Exploration well Discovery Evaluation Dana Farm-out Appraisal Well Awarded to Scotsdale Scotsdale + ST Report Q2 Update Planning for…
2014 Progress Exploration Appraisal & Development Production West Africa Block I Didon Close farm-out to SOCO Submit Diega POD Close EnQuest farm-out Confirm MPS drilling target Install ESP Zarat Secure rig for MPS well Install…
Financial highlights Q1
Production and prices in Q2 Closing day rates USD/SEK TND/SEK NOK/SEK Average production (boepd) 8,000 8.00 7,000 7.00 6.52 6.71 6.51 6.51 6.74 6.43 1,200 6,000 6.00 600 5,000 5.00 4,000 70% Didon 4.00 4.08 4.04 3.90…
Income statement SEK million Q2 2014 Q1 2014 Jan-June Jan-June 2014 2013 Q2 vs Q1 Revenue decline due to lower production Revenue 181 178 359 625 counteracted by price / timing effects Production costs -48 -37 -85 -242 OPEX impacted by…
Cash flow statement SEK million Q2 2014 Q1 2014 Jan-June Jan-June 2014 2013 Q2 - 2014 CF from operations SEK 45m: CF from operations 45 -52 -7 -98 Interest payments c. SEK -65m Didon lifting c. SEK 150m Proceeds from farm out 12/06…
Balance sheet and covenants SEK million 30 June 31 Dec 2014 2013 KEY COMMENTS Non-current assets 4,778 4,599 Stronger USD positive impact on assets and equity Current assets 684 861 Net equity increase in spite of net loss in period…
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