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pa resources ab (PRSAF) Details

PA Resources AB acquires, explores, develops, and produces oil and gas assets in North Africa, West Africa, and the North Sea. It has 21 oil and gas licenses, including 7 production licenses and 14 exploration licenses. The company also operates 7 licenses, as well as partner in other licenses. It has proven and probable reserves of 21.6 million barrels of oil equivalents. The company was founded in 1994 and is headquartered in Stockholm, Sweden.

Founded in 1994

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pa resources ab (PRSAF) Key Developments

PA Resources AB Reports Group and Parent Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

PA Resources AB reported group and parent earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, on group basis, the company reported revenue of SEK 88,000,000, operating loss of SEK 2,856,000,000, loss before income tax of SEK 2,921,000,000, loss of SEK 2,745,000,000 or SEK 24.26 per diluted share against revenue of SEK 193,000,000, operating loss of SEK 296,000,000, loss before income tax of SEK 358,000,000, loss of SEK 402,000,000 or SEK 3.55 per diluted share a year ago. LBITDA was SEK 808 million against EBITDA of SEK 74 million a year ago. For the full year, on group basis, the company reported revenue of SEK 603,000,000, operating loss of SEK 2,667,000,000, loss before income tax of SEK 3,032,000,000, loss of SEK 2,957,000,000 or SEK 26.13 per diluted share against revenue of SEK 1,049,000,000, operating loss of SEK 1,234,000,000, loss before income tax of SEK 1,439,000,000, loss of SEK 1,219,000,000 or SEK 21.54 per diluted share a year ago. LBITDA was SEK 480 million against LBITDA of SEK 494 million a year ago. Cash outflow from operating activities was SEK 108,000,000 against SEK 379,000,000 a year ago. Investments in exploration and evaluation assets were SEK 139,000,000 against SEK 163,000,000 a year ago. Investments in machinery and equipment were SEK 2,000,000 to SEK 2,000,000 a year ago. For the quarter, on parent basis, the company reported operating loss of SEK 163,000,000, loss before income tax of SEK 2,677,000,000, loss of SEK 2,677,000,000 against operating loss of SEK 5,000,000, loss before income tax of SEK 981,000,000, loss of SEK 1,085,000,000 a year ago. For the full year, on parent basis, the company reported operating loss of SEK 199,000,000, loss before income tax of SEK 2,659,000,000, loss of SEK 2,658,000,000 against operating loss of SEK 122,000,000, loss before income tax of SEK 2,456,000,000, loss of SEK 2,559,000,000 a year ago.

PA Resources AB, Q4 2014 Earnings Call, Feb 26, 2015

PA Resources AB, Q4 2014 Earnings Call, Feb 26, 2015

PA Resources Announces Successful Lille John Appraisal Well and Side-Track

PA Resources announced a successful Lille John appraisal well and side-track. The Lille John 2 well was drilled by operator Dana Petroleum Denmark BV to a total measured depth of 1,384 m (4,540 ft). The Miocene sandstone reservoir originally found oil-bearing in the PA Resources-operated 2011 discovery well Lille John 1 (‘LJ1’), was again encountered in LJ2, fully oil -bearing as prognosed. The thickness and quality of sandstone reservoir encountered in LJ2 were found as expected to be improved relative to LJ1. The entire reservoir package was cored, a comprehensive log suite gathered and a drill stem test then conducted over the interval. A stabilised rate of c. 500 barrels of oil per day and c. 0.25 mmcf/d of gas with no water was achieved during the main test flow period which was deliberately conducted at constrained rates in order to avoid risk of sand production. The oil quality was very similar to that found in LJ1 being c. 35° API with no H2S. Following the main flow period, test flow rates were raised to a maximum of c. 1,400 barrels of oil per day, with no sand production experienced. Subsequently, the well was side tracked down-dip as LJ2A, confirming similar reservoir development and establishing an oil column height of c. 300m (c. 950 ft) from LJ1 to LJ2A. Under the terms of the farm-out arrangement with Dana, PA Resources was fully carried by Dana on the costs of this well which will now be plugged and abandoned.

 

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