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2014-04-06

PA Resources AB: Update on Tunisian farm-out process

Continuing delays and remaining uncertainties

In May 2013 PA Resources entered into an agreement to sell to EnQuest
70% interests in, and to transfer the operatorship of, the offshore
assets in Tunisia which include the Zarat Permit and the Didon
Concession. Due to the political situation in the country the
transaction is still be ratified by the Tunisian authorities.

A key requirement to close the sale to EnQuest of an interest in the
Zarat licence is Parliamentary approval of Avenant 5, extending the
Zarat licence. Despite previous assurances from the Tunisian
authorities that approval of Avenant 5 is imminent it is becoming
clear that a favourable decision is not certain in the short term.

It is the firm belief of PA Resources that an early approval of
Avenant 5 is in the best interest of Tunisia, especially as the
company are working very closely with ETAP as PA's Zarat partner to
deliver a Plan of Development for the Zarat Field that will satisfy
the needs of the Tunisian economy.PA Resources is working hard
together with the relevant authorities to expedite the approval
process and will continue to explore all avenues to ensure the
completion of the transaction and to realise the returns from the
significant investments PA has made in these licences over many
years.

Stockholm, 7 April, 2014
PA Resources AB (publ)

For additional information, please contact:

Ingrid Östhols
Head of Corporate Communications & IR
PA Resources AB
Tel: +46 72 181 08 67
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), Equatorial Guinea, United Kingdom, Denmark,
Netherlands and Germany. PA Resources is producing oil in West Africa
and North Africa. The parent company is located in Stockholm, Sweden.
PA Resources' net sales amounted to SEK 1,312 million in 2013. 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 08:00 a.m. CET on 7 April 2014.

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http://news.cision.com/pa-resources-ab/r/update-on-tunisian-farm-out-pro...
http://mb.cision.com/Main/790/9564615/229843.pdf

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