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.


Summary:

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.