Second Quarter 2012

Bo Askvik, President & CEO

Nicolas Adlercreutz, CFO

Stockholm, 15 August 2012

Financial highlights

Q1

Earnings and key ratios

3

Q2 2012 Q1 2012 1H 2012 1H 2011

Production (bopd) 8,000 8,700 8,300 9,100

Oil price (USD/barrel) 109 120 113 101

Revenue (SEK million) 542 650 1,192 1,125

EBITDA (SEK million) 302 395 697 694

EBITDA margin 55.7% 60.8% 58.5% 61.7

Profit before tax

(SEK million) *

-23 68 45 131

Profit for the period

(SEK million)*

-118 -31 -149 -116

Earnings per share (SEK) -0.33 -0.05 -0.38 -0.18

* Figures for Q2 exclude non-cash, one-off costs of SEK 92 million

KEY COMMENTS Q2 vs Q1

• Lower production and realised

price lowered revenue

• Stable OPEX, to a large extent

fixed costs

• EBITDA margin 55.7%

• Depreciation somewhat lower

due to lower production

• “Maja” write-down of SEK 92

million in Q2 2012

• Financial net increased due to

fx effects and non-cash costs

related to amortization of debt

• Tax/EBITDA 31% in Q2

Cash flow

4

SEK million

Q2

2012

Q1

2012

1H

2012

1H

2011

Operating cash flow 425 175 600 466

of which income

taxes paid

-2 -3 -5 -29

CAPEX -21 -32 -53 -963

Financing activities -570 -13 -583 -550

Net cash flow -167 131 -36 -1,047

KEY COMMENTS

• Operating cash flow of SEK 425

million in Q2

• Continued minimal capex spending,

mainly on Aseng and Alen develop-

ment in EG

• Amortizations in Q2 amounted to

SEK 570 million

• Didon lifting in late June of 197,000

bbls (USD 19 million) with final

payment in July

Q2 2012 Q1 2012 Dec. 2011 Covenant

Book Equity (SEK million) 3,064 2,994 3,270 >2,000

Book Equity to

Capital Employed 47% 43% 45% >40%

Net debt (SEK million) 3,503 3,803 3,982 N/A

Reduced debt

5

KEY COMMENTS

• Available credit lines end of Q2

amounted to approx. SEK1.1 billion

of which approx. 73% utilised

• Amortizations of SEK 570 million in

Q2 and SEK 583 million 1H 2012

• Net debt reduced to SEK 3.5 billion

• RBL-facility fully repaid in Q2,

Azurite field‟s poor performance

resulted in increasing costs and less

favourable terms and conditions

• Next bond maturity in October 2013

Interest-bearing debt per June 2012

Covenants and net debt

53%

25%

22% Bonds

Convertible bond

Credit facilities

6

Production and sales in 2012

bopd Ytd 2012 Q2 2012 July 2012

West Africa 5,900 5,700 5,800

North Africa 2,400 2,300 2,400

Group Total 8,300 8,000 8,200

• ASENG: Average production level increased to

63,000 boepd in Q2 (3,600 net to PA Resources)

• AZURITE: One week shutdown for field

maintenance successfully performed in May,

production back in early June

• TUNISIA: All three onshore fields are back in

production after the temporary shut down

• PRICE: PA Resources realised price slightly

above Brent average for the quarter

Average production per country (bopd)

Average sales price (USD/bbl)

0

2000

4000

6000

8000

10000

12000

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012

Congo: Azurite EG: Aseng Tunisia: Didon & Onshore

71 78

72

82

97

109 106 104

120

109

77 79 78 85

106

117 113 109

119 108

20

40

60

80

100

120

140

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

PA Resources

Brent

1,613

53

240 - 375

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2011 2012

MS

EK

Maintained Capex forecast 2012

Actual Forecasted

Capex 2011 - 2012

Tunisia: Zarat Elyssa 2013 Appraisal/1

Tunisia: Makthar 2014 Exploration/1

Congo: MPS Azurite 2H 2012 Sidetrack/1

EG: Block I Block I 2013 Appraisal/

exploration/1

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

DK: 12/06 Lille John 2013/2014 Appraisal/1

Drilling program/planned wells 2012-2014

KEY COMMENTS

• 2012 forecast of SEK 240-375 million stands

• Capex of SEK 21 million in Q2 and

SEK 53 million in 1H 2012

• Azurite sidetrack preparations and drilling

imminent

7

Operations & Outlook

Q1

Denmark: Gita extended and Maja relinquished PA Resources 26.8%

Gita-1X well in 2008/2009

• Drilled to TD 5,162m Upper Jurassic primary

target - reservoir encountered but no hydrocarbons

» Failure due to absence of stratigraphic trapping, limited

reservoir development

• Middle Jurassic secondary target - sandstones

encountered with logged hydrocarbons

» Modest hydrocarbon saturations, no significant shows

and very low permeability

» Subsequent work has not reduced risk on presence of

produceable hydrocarbons in Gita-1X/Middle Jurassic

Exploration commitment in 9/95 Maja

• Focused on a deep, HPHT gas prospect reliant on

stratigraphic trapping at several Upper Jurassic

levels

• High cost ($100mm+) stratigraphic trap considered

by PA Resources to be a relatively high risk target

9

Licence Group: Operator Maersk (31.2%), PA Resources

(26.8%), Dong E&P (20%), Noreco (12%), Danoil (10%)

Gita-1X

Denmark: Gita way forward and Danish focus

Future exploration in 9/06 Gita

• Block not yet fully evaluated at all prospective levels

– Jurassic, Cretaceous and Tertiary

• Nearby discoveries at shallower Cretaceous and

Tertiary levels provides reason to continue

evaluation

Strategic conclusion for PA Resources

• Focus on „conventional‟ shallower target levels,

not deep, expensive HPHT gas

• PA Resources-operated 12/06 exemplifies this

strategy and offers attractive opportunities for the

company

10

Denmark 12/06: Way forward PA Resources 64%

Broder Tuck

• High quality Middle Jurassic reservoir proved by

wells

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

gross of contingent resources including liquids

• Commercialisation studies continues through 2012

Lille John

• Wells established 35 API oil in Miocene sandstone

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

• Work focused on Miocene prospect inventory

• Remaining deeper potential likely – 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 and efforts to

locate available rig continues

11

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

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

B20008-73

12/06 Broder Tuck - 2

Lille John-1

Joint Oil Block

ZRTN-1

ZRT-2

El Nisr

Didon North Field

Didon Field Zarat West

ZRT-1

TUNISIA LIBYA

Zarat Field (PART)

Didon Concession

Zarat Field

Zarat Permit Elyssa Field

Fields

Lead / Prospects

Didon South

Massinissa

Updip

Aliyan

• PA Resources largest Tunisian asset, farm-out

process initiated in early Q3

• Zarat permit contains the Zarat field – third

largest oil, gas and condensate field found

offshore Tunisia

» 43 mmboe in booked 2P reserves

(100% liquids) and significant additional

gas resource potential

» Discussions and development planning

ongoing, aim to complete Unitised Plan

of Development by end of Q1 2013

» UPOD approval targeted for end of Q2

2013

Licence Group: Operator PA Resouces 100%

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

Tunisia: Zarat Permit – farm-out process initiated PA Resources 100%

Zarat field

12

• Jelma-Makthar permits surround producing

Douleb, Semmama and Tamesmida (DST)

fields onshore Tunisia

• The Jelma and Makthar permits cover

areas of 7,216 km² and 3,828 km²

• Limited exploration activities conducted on

the permits and considered relatively low

risk

• Successful exploration and production

history in the region

• Serdj play proved as working petroleum

system for DST fields

• Nearby oil and gas infrastructure

Tunisia: Onshore exploration potential PA Resources 100%

13

Tunis

Sfax

4

3

1

2

Algeria Libya

Tunisia

1 Makthar Permit

Tunis

Sfax

4

3

1

2

Libya

Tunisia

Producing Asset

1

1 Jelma Permit

2

1 Douleb, Semmama

& Tamesmida

3

Jenein Centre Permit 4

Exploration Acreage

• Makthar permit contains several onshore

exploration prospect, permit extended to

2014

• Detailed analysis and modelling of 2D

seismic over Makthar finalised

• Evalutaion of Jelma permit potential

completed

• Regional mapping of reservoirs, seals and

source rock formations over both permits

completed

• Awarded open acreage around Douleb

(189km2) as integrated into Makthar permit

• New seismic to be acquired over Makthar‟s

most promising prospects and leads to

mature prospect for commitment well in

2014

Licence Group: Operator PA Resouces 100%

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

Tunisia: Makthar permit extended PA Resources 100%

14

NW Maiza

Boughanem

Friha

Jelma permit

Makthar permit

Douleb & Semmama

• Marked decline in one well in February 2012

due to well completion failure in oil producing

zone

• Full evaluation of remedial options to replace

or reinstate well completed

• Joint venture decision to drill sidetrack to

twin failed producer in western fault block from

Azurite FDPSO, in order to restore lost

production

• Preparatory activities commenced -

mobilisation of drilling crew and long lead

items

• Drilling activities expected to start in early Q4

and well to be on stream in early Q1 2013

15

Congo: Drilling of Azurite sidetrack imminent PA Resources 35%

Licence Group: Operator Murphy (50%),

PA Resources (35%) and SNPC (15%)

NORTH

WEST

CENTRAL

EAST

Congo: Sendji prospect potential in MPS PA Resources 35%

16

• Mer Profonde Sud licence contains several

promising prospects in two structures

» Miocene - producing in Azurite field

» Deeper Sendji - shallow water reservoir

new target established by 2010 wells

• Evaluation of re-processed 3D seismic

and prospect mapping

• Operator Murphy to spud a well on adjacent

MPN licence in Q3 2012 targeting a 250 million

barrel Sendji carbonate prospect

Licence Group: Operator Murphy (50%),

PA Resources (35%) and SNPC (15%)

Azurite

Sendji

prospects

EG Block H: Aleta exploration well PA Resources 6.25%

• Firm plans to drill commitment well

• Production sharing contract extended to Feb

2013 to allow exploration drilling

• Block H contains several prospects and leads

up to several hundred mmbo gross, unrisked

• Work continues to locate an available rig to

drill the Aleta prospect in 2012/2013

Licence Group: Operator White Rose 46.31%, Atlas

23.75%, Roc Oil 19%, PA Resources 5.94%, GEPetrol 5%

* Interests shown are subject to GE Petrol back-in

Aleta

17

EG Block I: Aseng production gradually increased PA Resources 5.7%

• Total field production since start in November 2011

of 14 mmboe – 800,000 barrels to PA Resources

• Capex of approx 10 USD per barrel, investments

of SEK 500 million recovered

• Average production of 63,000 bopd in Q2,

3,600 net to PA Resources

• Operator to gradually increase production at

rates between 65,000 and 70,000 in Q3

(3,700 – 4,000 net to PA Resources)

18

EG Block O/Block I: Near term drilling program PA Resources 5.7%

• Operator secured Atwood Hunter rig for

drilling program likely to include drilling

in Block I

• Work underway to firm up exploration/

appraisal campaign late Q4 2012 or 1H 2013

• Likely targets exploration/appraisal wells:

» Exploration/appraisal of trend proven by

the 2011 Carla discovery in adjacent

Block O

» Appraisal well in Block I on the Diega

accumulation

19

Licence Group: Operator Noble Energy (38%),

Atlas Petroleum Int. (27.55%), Glencore (23.75%),

PA Resources (5.7%), GEPetrol (5%)

20

Outlook and focus 2012

• Drilling of sidetrack to Azurite well

• Increased production levels at Aseng

• Selective appraisal and exploration

activity in EG: Block I and Block H

• Appraisal drilling and development

planning of Danish discoveries towards

commercialisation

• Progressing the Zarat field and Block I

development projects

Thank you! Q1

Q3 Report on 24 October 2012