PA Resources Q3 Report Q3 Presentation 29 October 2014
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…
Third Party Reserves Audit Completed Reserves and Resources audited by ERCE during Q3, final figures released on Oct 1st 2014 PA first comprehensive reserves audit Assets under review performed by ERCE provide a reliable overview…
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 Cash Flow on 2P/2C…
Oil Price Sensitivity Brent Oil Price (USD/barrel) 120 115 Since the beginning of Q3 the oil price 110 has fallen significantly 105 The price assumption in the ERCE 100 95 ERCE review period review is 100/bbl, which was a 90…
Financing As previously communicated, PA management has for the last year been working on a financing plan designed to bring the Companys portfolio of development assets into production The financing plan will require a significant…
Deferral of interest payments PA Resources summoned the bondholders of the NOK and SEK bond respectively to bondholders meetings on 20 October The proposal was to defer interest payments of USD 21 million due in early October until 5…
Short term cash flow forecast USD 21 million cash position as of 30 September 2014 Working Capital Facility is currently drawn by USD 28 million of USD 50 million available Liquidity estimate 30 June 2014 31 March 2015 Free cash…
Asset update Tunisia Successful installation of an ESP on well D6 on the Didon field D6 well so far producing slightly above expected flow rates A further ESP installation is planned for 2015 Closing of Didon transaction,…
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 Q3 Average production (boepd) Closing Day FX Rates 7,000 7.24 1,200 6.71 6.74 6,000 6.52 6.52 6.43 6.51 6.51 5,000 600 4,000 4.20 4.08 4.04 3.90 3.94 4.10 4.02 4.03 5,600 3,000 4,800…
Income statement SEK million Q3 2014 Q2 2014 Jan-Sep Jan-Sep 2014 2013 Q3 vs Q2 Revenue decline due to lower production and lower sales price. Revenue 155 181 515 856 Other income and G&A includes reversed Production costs -49 -48…
Cash flow statement SEK million Q3 Q2 2014 Jan-Sep Jan-Sep 2014 2014 2013 Q3 - 2014 CF from operations SEK -118m: CF from operations -118 45 -125 -110 Tax payments SEK -102m, whereof SEK -90m Block I Interest payments c. SEK -10m…
Balance sheet and covenants SEK million 30 Sep 31 Dec 2013 2014 KEY COMMENTS Non-current assets 5,073 4,599 In compliance with covenants. Stronger USD positive impact on assets Current assets 573 861 and equity. Whereof cash 155 403…
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