First Quarter 2012

Bo Askvik, President & CEO

Nicolas Adlercreutz, CFO

Stockholm, 25 April 2012

Bo Askvik, President & CEO Nicolas

Adlercreutz, CFO

Stockholm, 25 April 2012

Production trend and update

2

EG: Aseng

• Higher target level of around 60,000 boepd

reached in early March

• Fifth production well on stream - all wells

contributing fully

• Gas re-injection commenced

• 5-6 liftings per quarter

EG: Alen

• Delopment project on plan for production start

2013, adding significant cost synergies

CONGO: Azurite

• Marked decline in one well in February, well

flowing at minimal rate since

• Partial failure in the wells’ completion

• Technical and economic analysis of remedial

options ongoing

• One week shutdown for annual field

maintenance planned for in late May

Average production per country/bopd

0

2 000

4 000

6 000

8 000

10 000

12 000

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012

Congo: Azurite EG: Aseng Tunisia: Didon & Onshore

3

Production and sales in 2012

Average quaterly production/bopd bopd FY 2011 Q1 2012 MAR. 2012

West Africa 5,300 6,200 5,800

North Africa 3,300 2,500 2,400

Group Total 8,600 8,700 8,200

Average sales price USD/bbl

LIFTINGS IN 2012

• 546,000 bbls from Aseng and Tunisia in Q1

• 520,000 bbls from Azurite on 4 April

APRIL PRODUCTION

• Average production of 8,400 bopd

during 1-23 April period

71 78

72 82

97 109 106 104

120

77 79 78 85

106 117 113 109

119

20

40

60

80

100

120

140

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

PA Resources

Brent

0

2 000

4 000

6 000

8 000

10 000

12 000

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

1,613

32

240 - 375

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2011 2012

SE

K m

illi

on

4

Significantly lower capex in 2012

Actual Forecasted

Capex 2011 - 2012

Tunisia: Zarat Elyssa Q4 2012/2013 Appraisal/1

Tunisia: Makthar 2013 Exploration/1

EG: Block H Aleta Q4 2012/2013 Exploration/1

Drilling program/Firm wells 2012-2013

KEY COMMENTS

• 2012 forecast of SEK 240-375 million

• Capex of SEK 32 million in Q1

• Continued low investment activity

in 2012

Denmark 12/06: Way forward PA Resources 64%

Broder Tuck

• 360m+ gas and condensate column proved by wells

• High quality Middle Jurassic reservoir

• Mid to high case assessment of c. 25-50 mmboe

gross of contingent resources including liquids

• 2012 work programme to progress development

planning towards commercialisation

Lille John

• Wells established 35 API oil in Miocene sandstone

at c. 900m – exceptionally light oil for shallow depth

• Obvious seismic anomaly at Miocene

• Recognition of shallow light oil re-focussed work

on developing a Miocene prospect inventory

• Likely to be remaining deeper potential – Chalk

remains and well result upgrades Middle Jurassic

• 2012 work programme to reprocess 3D to determine

prospect inventory and appraisal well location,

drilling project management tendered

5

Licence Group: Operator PA Resources (64%), Danish

North Sea Fund (20%), Spyker Energy (8%), Danoil (8%)

Lille John-1

Broder Tuck - 2

B20008-73

12/06

• Large oil, gas and condensate field located offshore

Tunisia, third largest liquids field found in Tunisia

• Discussions and development planning ongoing,

PA Resources and Sonde Resources aim to

unitise field in 2012

• Work in progress revising the field’s Plan of

Development.

• Total capex and opex of 20-30 USD/developed boe

6

Licence Group: Operator PA Resouces 100%

ETAP has a back-in right of up to 55%

Tunisia: The Zarat field PA Resources 100%

Zarat AshtartJenein NordHasdrubalAdam Fields

Top 10 remaining liquids fields in Tunisia

Zara

t field

Zarat field Zarat field

7

Outlook and focus 2012

• Appraisal and development planning

of Danish discoveries towards

commercialisation

• Progressing the Zarat field and Block I

development projects

• Technical and economic analysis of

remedial options for Azurite well

• Positive cash flow and reduction of debt

Financial highlights

Q1

Earnings and key ratios

9

Q1 2012 Q4 2011 FY 2011

Production (bopd) 8,700 8,400 8,600

Oil price (USD/barrel) 120 104 103

Revenue (SEK million) 650 535 2 154

EBITDA (SEK million) 395 306 1 295

EBITDA margin 60.8% 57.2% 60.1%

Profit before tax (SEK million) * 68 11 158

Profit for the period (SEK million)* -31 -96 -326

Earnings per share (SEK) -0.05 -2.91 -3.27

* Figures for 2011 exclude non-cash, one-off costs of SEK 2,035 million before tax and

SEK 1,758 million after tax.

KEY COMMENTS Q1 vs Q4

• Higher oil price and production

increased revenue

• OPEX increased due to Aseng

included full quarter

• EBITDA margin increased

to 60.8%

• Depreciation somewhat lower

and depreciation per produced

barrel reduced

• Financial net increased mainly

due to lower capitalized

interest from CAPEX

• Tax/EBITDA 25%

Improved cash flow

10

SEK million

Q1

2012

Q4

2011

Q1

2011

Operating cash flow 175 -106 142

of which income taxes

paid

-3 -7 -3

CAPEX -32 -135 -357

Financing activities -13 36 -747

Net cash flow 131 -204 -961

KEY COMMENTS

• Operating cash flow increased to

SEK 175 million

• Cash flow from Aseng included

from Jan 2012

• Minimal capex spending, mainly on

Aseng and Alen development in EG

• Net cash flow of SEK 131 million

• Azurite lifting on 4 April added SEK

400 million cash flow, and reduced

net debt

• PA Resources’ next planned lifting

from Azurite in early 2013

25 April* Q1 2012 Q4 2011 Covenant

Book Equity (SEK million) 2,994 2,994 3,270 >2,000

Book Equity to

Capital Employed 46% 43% 45% >40%

Net debt (SEK million) 3,400 3,803 3,982 N/A

Reduced debt

11

KEY COMMENTS

• Available credit lines Q1 amounted

to approx. SEK1.6 billion of which

approx. 82% utilised

• Azurite lifting on 4 April added

approx. SEK 400 million cash flow

• As per 25 April net debt reduced

by SEK 580 million since year end

amounting to SEK 3.4 billion

• Next bond maturity in October

2013

Interest-bearing debt per March 2012

Covenants and net debt

47%

22%

31% Bonds

Convertible bond

Credit facilities

* Assuming fixed closing rate per 31 March

Thank you! Q1

Q2 Report on 15 August 2012