PA Resources AB Amendment proposal NOK and SEK bond issues Bondholder Presentation 18 September 2014
Background PA Resources (PA or the Company) has struggled to overcome its challenges inherited from several legacy issues, in particular related to the failed investment in Azurite that has led to the Companys recent financial…
PA is unable to meet interest payments Having analysed the current liquidity situation and mindful of its fiduciary duty of care to all stakeholders, the PA Board has decided to take necessary actions to preserve cash PA has reviewed…
70 mmboe in 2P+2C reserves and resources Reserves Contingent Resources Country Asset Oil + Condensate Oil + Condensate Gas 2P + 2C NPV10 PAs first comprehensive 1P 2P 3P 1C 2C 3C 1C 2C 3C independent reserves and mmbbl mmbbl…
Material investments to realise portfolio values Over the next four years PA forecasts that it Cash flow from 2P Reserves + 2C Resources will need to invest USD 460 million to take its key assets into production West Africa: USD 60…
Debt situation Overview of current outstanding debt Unsecured Debt Secured Debt USD 325 million Reserve Based Working Capital interest-bearing debt NOK Bond SEK Bond Lending Facility Facility outstanding as of 30 Principal 675…
Short term liquidity forecast Liquidity estimate 30 June 2014 31 March 2015 USD 41 million cash position as of 30 June 2014 30-Jun'14 Q3 '14 Q4 '14 Q1 '15 Operating cash flow and capex -42 -- 17 Working Capital Facility is…
Amendment proposal and process timeline Proposed amendment to Bond Agreements Instead of settling the Interest Payment through cash payment on the Interest Payment Date, the Company proposes that the interest payment is deferred until…
Appendix: Company overview 10
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…
Geographically balanced portfolio West Africa North Africa North Sea Long run production Gas developments of Two developments of and development significance to Tunisian material value within assets in Block I market and economy…
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…
An experienced Management Team Mark McAllister CEO London Tomas Hedstrm Kevin McGrory Graham Goffey Paul Elstone Slimane Bouabbane CFO General Counsel SVP Exploration MD Tunisia VP Business MD West Africa Development and North…
Block I current value and future potential 2005 2007 2008 2012 2013 2013 2014 Alen Discovery Aseng Discovery Diega Discovery Aseng first oil Alen first gas Diega appraisal Diega Development Plan Working Interest 5.7% Partners…
Zarat Field development 1990 1992 1995 2005 2013 2014 Permit Award Discovery Appraisal Well PA Acquisition EnQuest Farm-Out UUOA, UPOD Working Interest 15% (30% of Zarat License) Update Partners EnQuest (O, 35%) Agreed…
Didon rehabilitation 1976 1997 2005 2006 2008-2009 2011 2014 Discovery Concession PA Acquisition Platform + 2 Wells 4 New Wells Enhancement Study ESP Working Interest 30% Update EnQuest (O, 70%) Announced completion of Didon…
Elyssa Field appraisal 1974 1992 2005 2006/2007 2010 2013 2015 Discovery Appraisal Well PA Acquisition Appraisal Well +ST New 3D Seismic Enquest Farm-Out Appraisal Well Update Working Interest 30% Planning of appraisal well…
Commercialisation of Broder Tuck 2006 2008 2011 2012 2013 2014 Discovery Evaluation Awarded to Scotsdale PA acquired Scotsdale Exploration well Dana Farm-out Pre-Development Evaluation Report Update Working Interest 24%…
Appraisal drilling of Lille John 2006 2008 2011 2012 2013 2014 6th license round PA acquired Discovery Evaluation Exploration well + ST Dana Farm-out Appraisal Well Awarded to Scotsdale Scotsdale Report Working Interest 24%…
Azurite Field Abandonment PA purchased a 35% working interest (41% paying interest) in the Azurite Field during the E&P boom in 2007 A number of systematic failings were made by PA in making this acquisition Insufficient due…
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