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2015-10-27

PA Resources AB: Announcement from Extraordinary General Meeting (second control meeting) in PA Resources AB on 27 October 2015

PA Resources AB (publ) held an extraordinary general meeting (second
control meeting) on 27 October 2015 in Stockholm. What follows is a
summary of the resolutions passed. The proposals are available in
full on the company's website www.paresources.se.

Determination whether the company is to go into liquidation (second
control meeting)

The board of the company has prepared a second balance sheet for
liquidation purposes which shows that the company's registered share
capital has been restored. The general meeting resolved that the
company must not go into liquidation with the result that the company
will continue its operations.

Ratification of agreements

The general meeting resolved pursuant to the board's proposal to
ratify the agreements that the company has entered into and the
decisions made by the board of directors in respect of measures taken
by the company as of 26 March 2015 and during the corporate
reorganisation of the company.

Delisting

The general meeting resolved pursuant to the board's proposal that the
company shall take all measures required for the company to be
delisted when the board deems it appropriate and practicable.

Incentive programme for senior executives

The general meeting resolved pursuant to the board's proposal on an
incentive programme for senior executives in the company which, in
sum, will entitle the executives to a cash bonus, under certain
conditions, equivalent to a certain percentage of sales revenues for
group assets.

Election of board of directors

The general meeting decided pursuant to the proposal from the
nomination committee to re-elect Paul Waern, chairman of the board,
and Mark McAllister and to elect Catharina Nystedt-Ringborg and
Garrett Soden as new board directors.

The general meeting also resolved that remuneration to the newly
elected directors will be SEK 160,000 each.

Authorisation for the board of directors

The general meeting resolved pursuant to the board's proposal to
authorise the board to take all measures required for the company to
fulfil its commitments under the reorganisation plan and the
agreements that the company has entered into as of 26 March 2015 and
during the corporate reorganisation of the company.

Resolution on amendment of the objective of the company's business in
the articles of association

The general meeting resolved pursuant to the board's proposal to amend
section 3 of the articles of association so that the object of the
company's business is:

"The company shall itself, through affiliated companies or in
collaboration with others pursue prospecting business, extract oil
and gas and own and administer, including buying and selling,
concessions, stocks and shares in companies who pursue prospecting-
and extracting business and be engaged in other activities related
thereto."

Amendment of the articles of association and reduction of share
capital

The general meeting resolved pursuant to the board's proposal to amend
the company's articles of association so that the share capital shall
be not less than SEK 500,000 and not more than SEK 2,000,000 and to
reduce the share capital with SEK 10,516,799.20, without redemption
of shares, to cover losses. The share capital will amount to SEK
800,000 after the reduction.

Stockholm 27 October, 2015
PA Resources AB (publ)

For additional information, please contact:

Petter Hjertstedt, Investor Relations
Phone: +46 8 545 211 50
E-mail: ir@paresources.se

PA Resources AB (publ) is an international oil and gas group which
conducts exploration, development and production of oil and gas
assets. The Group operates in Tunisia, Republic of Congo
(Brazzaville), United Kingdom, Denmark, Netherlands and Germany. PA
Resources has oil production in Tunisia. The parent company is
located in Stockholm, Sweden. PA Resources' net sales amounted to SEK
603 million in 2014. The share is listed on the NASDAQ OMX in
Stockholm, Sweden. For additional information, please visit
www.paresources.se.

The above information has been made public in accordance with the
Securities Market Act and/or the Financial Instruments Trading Act.
The information was published at 11:35 CET 27 October 2015.

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http://news.cision.com/pa-resources-ab/r/announcement-from-extraordinary...
http://mb.cision.com/Main/790/9855400/436306.pdf

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