Tuesday, February 22, 2011

PA Resources reported 2010 results – production down 4.5%; 2010 Capex in-line with five-year forecast

PA Resources reported a production of 10,700 boepd in 2010, 4.5% lower to 2009. This is due to lower production recorded in company’s main producing Azurite field. The company did not reach the 2010 production target of 15,000 – 20,000 boepd as per the five-year plan. Revenue in 2010 up 5.4% from 2009.


Production down 4.5%

-          Total revenue for the Group during the fourth quarter amounted to SEK 697.7 million ($108.66 million). EBITDA for the quarter totalled SEK 437.7 million ($68.2 million).

2010 Capex in-line with forecast, five year plans entails investments of approx. $1,000 million

Development Capex:
-          Azurite completion in Q2 2011
-          Didon North tie-back
-          Aseng field development
-          Progress Zarat field
Exploration Capex:
-          Drilling onshore Jelma in Tunisia and offshore Denmark on licence 12/06
-          Seismic study evaluation in the United Kingdom and the Netherlands.

-Net entitlement reflects West Africa production sharing contract and the impact of tax and royalty in Tunisia.

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