First Quarter 2013

Bo Askvik,

President & CEO

Stockholm, 24 April 2013

2

Production and sales in Q1

bopd Full-year

2012

Q1

2013

March

2013

West Africa 5,600 4,800 4,700

North Africa 2,300 2,000 1,900

Group Total 7,900 6,800 6,600

• ASENG: Average production level of approx.

60,000 boepd in Q1 (3,400 net to PA Resources),

vessel’s gas handling capacity being assessed

• AZURITE: Production impacted by intermittent well

instability, operator assessing field’s way forward

• TUNISIA: Onshore production impacted by well

intervention, successfully completed in March

• PRICE: PA Resources realised price of USD 113

per barrel equal to Brent average

Average production per country (bopd)

Average sales price (USD/bbl)

97

109 106 104

120

109 109 106 113

106

117 113 109 119

108 109 110 113

20

40

60

80

100

120

140

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

PA Resources Brent

0

2 000

4 000

6 000

8 000

10 000

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

Congo: Azurite EG: Aseng Tunisia: Didon & Onshore

Earnings and key ratios

3

Q1 2013 Q4 2012 FY 2012

Production (bopd) 6,800 7,100 7,900

Oil price (USD/barrel) 113 106 111

Revenue (SEK million) 446 467 2,184

EBITDA (SEK million) 242 266 1,255

Profit before tax

(SEK million)* 131 -16 85

Profit for the period

(SEK million) 34 -340 -1,966

Earnings per share (SEK)** 0.003 -0.19 -1.93

* Figures for Q1 2013 exclude non-cash, one-off costs of SEK 21 million. Figures for Q4 and

full-year 2012, exclude non-cash, one-off costs of SEK 169 million respectively SEK 1,748 million.

** The righs Issue in February 2013 gave rise to retrospective adjustments

KEY COMMENTS Q1 vs Q4

• Positive net result of SEK 34 million in

line with communicated estimate

• Stable net costs of SEK 204 million

compared with SEK 201 million in Q4

• Royalty levels flat

• Direct cost in connection to planned

Azurite sidetrack of SEK 21 million

presented as one-off costs

• Financial net positively impacted by

weakened NOK and reduced debt

following convertible bond set-off issue

Cash flow

4

SEK million

Q1 2013 Q4 2012 FY 2012

Operating cash flow -70 175 838

of which income

taxes paid

-54 0 -5

CAPEX -58 -186 -255

Financing activities 359 65 -568

Net cash flow 231 54 15

KEY COMMENTS

• Operating cash flow of SEK -70 million

mainly relating to reduction of accounts

payable and other liabilities in connection

to Azurite sidetrack

• Income taxes of SEK 54 million relating

mainly to one-off payments in Tunisia and

Equatorial Guinea

• Capex of SEK 58 million, at the lower end

of the forecast range

• Righs issue of SEK 604 million, net after

transaction costs

• Amortisations of SEK 245 million in Q1

• Cash and cash equivalents at the end of

the period amounted to SEK 288 million

Current equity and debt situation

5

KEY COMMENTS

• Recapitalisation restored Equity and

Book equity/Capital employed above

requirement in covenants

• Amortisations of SEK 245 million in Q1

• Net debt reduced to SEK 2,111 million

Equity and net debt before and after recapitalisation (SEK million)

Q1 2013 Q4 2012 Q3 2012 Covenant

Book Equity (SEK

million) 2, 201 1,590 956 >2,000

Book Equity to

Capital Employed 48% 37% 22% >40%

Net debt (SEK

million) 2,111 2,630 3,410 N/A

Covenants and Net Debt development

956

3,410

2,201 2,111

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

Equity Net Debt

30 Sept. 2012 31 March 2013

Capital expenditure 2013 forecast

Actual Forecasted

Capex development and forecast (SEK million)

KEY COMMENTS

• Capex in Q1 amounted to SEK 58 million,

at the lower end of the forecast range

• Main part of Q1 investments relates to West

Africa/Azurite sidetrack

• 2013 forecast of SEK 250 – 380 million

unchanged assuming no farm-outs reducing

investments

6

1,613

255

58

250-380

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2011 2012 2013

MS

EK

58

Capex forecast and drilling programme

DK: 12/06 Lille John 2013/2014 Appraisal/

Exploration/1-2

EG: Block I Carla South Ongoing Exploration/1

EG: Block I Diega 2013 Appraisal/1

EG: Block H 2013 Exploration/1

NL: Q7/10a Q7-FA 2013/2014 Appraisal/

Development/1

Tunisia: Zarat Elyssa 2013/2014 Appraisal/1

Tunisia: Makthar 2014 Exploration/1

Drilling programme/planned wells 2013-2014 Capex forecast 2013 includes:

• Drilling campaign ín Block I in EG, Carla

South exploration ongoing

• Drilling campaign on 12/06 high priority

• Drilling on 12/06, Block H and Q7/10a

dependent on rig availability

• Operational expenditures in producing

fields

• Elyssa well assumes successful farm-out

of Zarat licence

• The drilling programme is revised

continuously based on the capex budget

and prioritised commitments

7

PA Resources’ strategy and focus

8

2013 - 2018

Development of

prioritised projects

with reduced risk

>> LONG TERM GROWTH

Development of ~ 32 mmboe for

long-term production growth

>> BALANCED INVESTMENTS

Farm-out of assets reducing invest-

ments and risk, financing from produc-

tion and debt financing at lower level

Business and investment plan 2013 – 2018

9

KEY ASSUMPTIONS:

Development is not progressed until farm-out

successful

• Continued operational expenditures on

producing fields

• Development of existing reserves and

resources of 155 mmboe will after farm-out add

32 mmboe

• Farm-out of prioritised assets to reach

preferred working interest level and reduce risk

on individual assets

» Zarat licence from 100% to 20%

» Didon field from 100%% to 50%

» 12/06 from 64% to 15%

• Present operatorship in farm-out assets

secures development planning

• Oil price of 110 USD/bbl and USD/SEK of 6.53

Capex forecast 2013-2018 before and

after farm out transactions (SEK million)

1,613

255 170 270

540 590

230

520

680

970

300

0 0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2011 2012 2013E 2014E 2015E 2016E 2017E 2018E

PA Resources' share of investments Partners' share of investments

Expected outcome of planned development

10

KEY ASSUMPTIONS:

• Development of existing

reserves adding after farm-out

32 mmboe for long-term

production growth

• Debt maintained around

current level

• Expected net cash position in

2018

Estimated development of net debt

and average production

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

-1,0

0,0

1,0

2,0

3,0

4,0

5,0

2010 2011 2012 2013E 2014E 2015E 2016E 2017E 2018E

ba

rrels

pe

r da

y

SE

K b

illio

n

Net debt actual Production Net debt estimate

Operations & Outlook

Q1

12

Operational update

HIGHLIGHTS

• EG: Carla South exploration well in Block I spudded

before Easter

• EG: Alen field development in Block I nearing

completion below budget, targeting first production in

Q3 2013

• Congo: Azurite field production impacted by

intermittent well instability likely to continue, operator

continues to assess the field’s way forward

• Congo: MPS operator has withdrawn from

exploration area increasing PA Resources working

interest from 35% to 85%, licence extended for further

evaluation

• Tunisia: Zarat farm-out process and unitisation

progressing

• Tunisia: Evaluation of onshore Jelma and Makthar

licences finalised, tender for Makthar seismic survey

in 2013 issued

EG Block I – Carla South exploration well ongoing PA Resources 5.7%

• 2013 drilling programme with Atwood Hunter rig

• Progressing two exciting fields towards develop-

ment

1. Carla North and South

» 2011 discovery in adjacent Block O (’Carla

North’) appraised 2013 in Block O, where

operator has announced additional oil

reservoir found

» Carla South exploration well spudded before

Easter, expected duration around 25 days

with planned subsequent sidetrack of similar

duration and possible testing

2. Diega

» Expect appraisal well and 3 to 4 week

production test in Block I Q3 2013

13

Licence Group: Operator Noble Energy (38%), Atlas Petroleum

(27.55%), Glencore (23.75%), PA Resources (5.7%),

GEPetrol (5%)

Block I Drilling program

Carla South

1 2

Congo – Remaining potential in extended MPS PA Resources 85%

• PA Resources granted additional 50% working

interest and operatorship, licence extended by

authorities until November 2013

• Prospect and lead inventory at various

stratigraphic levels

» Miocene (proven play)

» Albian (proven play on the shelf,

developing play in deep water)

» Possibly pre-salt (frontier play)

• Miocene inventory to be re-interpreted on the

2011 reprocessed 3D data which is better

suited to evaluation at this level

• Intention during extension period to seek

farmees/farmee operator to progress

exploration

14

Licence Group: Operator PA Resources (85%), SNPC (15%)

Mer Profonde Sud – exploration licence area

Denmark 12/06 - Progressing discoveries PA Resources Operator with 64%

• High quality Middle Jurassic reservoir proved by wells

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

of contingent resources including liquids

• Technical and commercial studies continuing towards a

year end decision point on either appraisal drilling or to

move into development Front End Engineering Design

(FEED)

• Ongoing discussions with owners of infrastructure for tie

back as one of range of possible development concepts

• Wells established 35 API oil in Miocene sandstone

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

• Remaining deeper potential likely – Chalk and Middle

Jurassic

• Efforts to locate available rig for appraisal drilling continue

in tight rig market

• Development options dependent on appraisal results –

successful appraisal could lead to tieback to nearby

infrastructure or standalone development

15

Licence Group: Operator PA Resources (64%),

Nordsøfonden (20%), Spyker Energy (8%), Danoil (8%)

B20008-73

12/06 Broder Tuck-2

Lille John-1

Broder Tuck

Lille John

Tunisia: Significant onshore exploration acreage

Tunis

Sfax

4

3

1

2

Algeria Libya

Tunisia

1 Makthar Permit

Tunis

Sfax

4

3

1

2

Algeria Libya

Tunisia

Producing Asset

1

1 Jelma Permit

2

1 Douleb, Semmama

& Tamesmida

3

1 Jenein Centre Permit 4

Exploration Acreage

PA Resources onshore assets:

• Jelma-Makthar permits surround

producing Douleb, Semmama and

Tamesmida (DST) fields onshore Tunisia

• Both permits cover areas of 7,216 km²

and 3,828 km², contains several onshore

exploration prospects

• Successful exploration and production

history in the region, Serdj play proved

as working petroleum system for DST

fields

• Shell preparing drilling in adjacent

licence

16

• Seismic program targeting defined

Makthar prospects and near field

potential

• Prepared and submitted impact

study, approval expected mid April

• In progress with tender evaluation

• Planned program of approx.

500 km

Makthar Permit: 2D Seismic program PA Resources Operator with 100%

17

Makthar Permit

Largest shareholders and Nomination Committee

18

The 10 largest shareholders

per 28 March 2013

Capital/

votes

GUNVOR GROUP LTD 9.9%

AVANZA PENSION 6.8%

CREDIT AGRICOLE (SUISSE) SA 3.8%

AB TRACTION 3.0%

NORDNET PENSIONSFÖRSÄKRING AB 2.8%

ÅGERUP FASTIGHETER AB 2.7%

LUX-NON-RESIDENT/DOMESTIC RATES 1.9%

JP MORGAN BANK 1.7%

SEB S.A. 1.7%

ORIGINAT AB 1.4%

10 largest shareholders 35.7%

Other shareholders 64.3%

Total 100.0%

NOMINATION COMMITTEE

• Sven A. Olsson (Gunvor Group Ltd),

Chairman of the Nomination Committee

• Bengt Stillström (AB Traction)

• Göran Ågerup (Ågerup Fastigheter)

• Hans Kristian Rød, Chairman of the Board

The Nomination Committee’s proposal regarding

the Board of Directors, election of auditors,

remuneration and more will be published ahead

of the AGM on 14 May 2013.

Reverse share split

19

SUMMARY

• The EGM on 9 April 2013 resolved in favour of a reversed share

split and a minor new share issue of 28 shares

• 500 present shares are consolidated into one share, with record

date 2 May 2013

• Shareholdings is rounded off downward, any excess shares will

come under the Company’s ownership and is thereafter sold

• Proceeds to be automatically distributed among the owners

• Friday 26 April is the last trading date before the reverse split

and Monday 29 April the first trading day after the reverse split

• Following the reverse split the total number of shares in

PA Resources amounts to 28,291,998

Strategy and outlook

>> STRENGTHENED BALANCE SHEET

Capacity to finance development capex and planned amortisations,

enhanced position for future transactions

>> DRILLING TO PROGRESS DISCOVERIES TO DEVELOPMENT

Low risk appraisal and exploration: Block I campaign ongoing,

12/06 campaign targeting 2014, Elyssa appraisal targeting 2013/2014

>> FOCUS ON ADDING LONG TERM PRODUCTION GROWTH

Focus on farm out of prioritised assets, targeting 32 mmboe in

developed reserves (after farm-out) - expected net cash position in 2018

>> OPERATING CASH FLOW FROM PRODUCING FIELDS

Cash flow with highly profitable barrels from the Aseng field

– foundation for growth

20

Thank you! Q1

Q2 Report on 14 August 2013