A New Story for PA Resources

Mark McAllister, CEO

Pareto Bond Conference

Stockholm, 23 January 2014

DecNovOctSepAugJulJunMay

The Renewal is underway.....

We have made very significant progress in 2013 in our regeneration plan

A highly experienced management team is now in place

A series of strategic farm-outs has shaped the portfolio for development

Equity raised has lowered leverage

Two new large owners with outstanding industry experience

2

Tunisian

Farm-Out

Congo

Farm-Out

Azurite

Field

Closure

Denmark

Farm-Out

SEK 891m

Equity

SEK 750m

Bond

…and further drilling success in Equatorial Guinea!

Mark McAllister

Chief Executive Officer Monument Exploration

» Director of Operations

LASMO plc

» Managing Director (Europe and N Africa)

Acorn Oil & Gas

» Founder and Managing Director

Fairfield Energy

» Founder and CEO

Board Member of Oil & Gas UK

Founding Chairman of OSPRAG

» North Sea response to Macondo blow-out

Decommissioning Security and Relief Steering Committee

» Oil industry engagement with HMG on tax relief status

Honorary Doctorate from Robert Gordons University

» Services to the Oil Industry3

Tomas Hedstrom

Chief Financial Officer

PWC

» Auditor

SCA

» Senior Vice President, Stockholm, Large cap

» CFO, (North America) Philadelphia

» Vice President Business Control, Stockholm

» Managing Director SCA Recycling, London

» Head of M&A, Packaging division, Brussels

» Managing Director, Packaging sub, Stockholm

Rottneros

» CFO, Stockholm, small cap

4

Kevin McGrory

General Counsel

Unocal

» Regional Counsel, MEA

Chevron

» Senior Legal Adviser, Upstream Operations

Anadarko

» Vice President, Legal & Negotiations EMEA

Delta Group

» Group General Counsel

Fairfield Energy

» General Manager, Legal & Commercial

Shepherd and Wedderburn LLP

» Partner, Head of Oil & Gas Law

Seven Energy International Ltd

» General Counsel5

Graham Goffey

SVP Exploration, MD N Sea and W Africa

Conoco

» Geologist

LASMO plc

» VP Exploration, Indonesia

Sterling Energy plc

» Exploration Manager

Paladin Resources plc

» Business Unit Manager, International

Director of Oil and Gas Independent Association

Member of Advisory Board, Petroleum Geoscience MSc, Royal Holloway University

Previous Chairman, Petroleum Group of Geological Society of London

BSc (Birmingham), MSc (Imperial College), MBA (Warwick)

6

Paul Elstone

Managing Director PA Tunisia

Aramco – Saudi Arabia

» Field Engineer

NIOC - Iran

» Engineering Superintendent

Mesa Petroleum - UKCS

» Commissioning Manager

BP – UKCS & International

» Offshore Installation Manager (OIM)

» Mature Assets Business Manager, UKCS

» Field Manager, New Project Start-up, Venezuela

» Business Transformation and Start-up Manager, Azerbaijan

» Area General Manager , GUPCO Egypt

» HSE Business Transformation Advisor, Trinidad & Tobago and US Refining post Texas City

7

Slimane Bouabbane

VP Business Development Technip/Coflexip Stena (Aberdeen)

» Engineering

» Support to worldwide offshore project

IntecSea (Houston)

» Project and Engineering

» Support to E&P companies and contractors

Subsea 7 (London/Stavanger/Paris)

» Management roles, commercial and strategy

» Turn-around team of Acergy/Stolt Offshore

PA Resources (Stockholm)

» VP Projects & Investments

» Farm-out, Financing, Investment management

Board Member of The MacArtney Underwater Group (Denmark)

MBA (INSEAD) and Engineering Deg. (Ecole Centrale Marseille)

8

The Portfolio

9

Take out Greenland

Production

Exploration and development

Production

Appraisal

&

Development

Priority

Upside

Potential

• Tunisia Offshore: Didon

• Tunisia Onshore: DST

• Equatorial Guinea: Aseng & Alen

• Tunisia: Onshore exploration

• North Sea: Danish/German exploration

• Equatorial Guinea: Gas, exploration

• Congo: MPS exploration

• Tunisia: Zarat & Elyssa

• Equatorial Guinea: Diega

• Denmark: Broder Tuck & Lille John

• UK: Birgitta (22/19-1)

10

A hat trick of successful farm-outs

MPS

Congo

Farmed out 40% to SOCO

PA retains significant upside

with a 25% interest

SOCO will carry PA share of

exploration costs

An exploration well in the

remaining license period

SOCO is an established

operator in Congo

SOCO and PA AMI for

further activity

Zarat

Tunisia

Farmed out 70% to EnQuest

PAR retains 30% interest in

production & development

$249m consideration including

carry and contingent

payments

EnQuest expert in mature field

extension and new

developments

EnQuest and PA AMI for

further acquisitions

Farmed out 40% to Dana

PA retains significant upside

with a 24% interest

$44m consideration including

appraisal and development

carry

Financial strength of KNOC

behind Dana

Dana operates nearby

licenses

Also includes German

exploration acreage

Dana joining PA Danish 7th

Round bidding group

12/06

Denmark

PA has undertaken a highly focused farm-out campaign.

Each operator is a technical and strategic fit for the respective licence.

Exploration Appraisal Production

Didon Field2017

First production 2013-2017

Development1976

Discovery

1998First Oil

1997 Concession

2006Platform + 2 Wells

2008-20094 New Wells

2013+LEX program: ESP, Infill,

2005PA Acquisition

2011Enhancement Study

» Produced 32 million barrels since 1998

» Platform and tanker in place

» 70 km offshore in 70m water depth

» Tanker was repaired and recertified in 2013

» EnQuest has been highly successful in

mature field rehabilitation at Thistle & Heather

» Plan to install an Electrical Submersible

Pump on one of three wells in 2014

» Will follow up with new production well

» Further ESP installation and new wells likely

in following years

11

Zarat Field1992

Discovery

2010-2011ZRT-N1 Appraisal

1995 Appraisal Well

2011-2012POD Update, Unitisation

2017First production

2015-2017Development

2014 UPOD, UUOA

2005PA Acquisition

1990 Permit Award

» Largest undeveloped discovery in Tunisia

with 120mmboe of oil and gas

» Active participation of ETAP to secure

early production and offset decline in

Tunisian gas production

» Development may need CO2 sequestration

and gas recycling

» Local infrastructure can handle sour gas

» Commercially complex since unitisation

required with Joint Oil block

12

Elyssa Field

» Another significant gas accumulation

» Four well penetrations drilled to date

with one further appraisal well planned

» Straightforward development if appraisal

is successful

» Commercially simple with whole field in

PA licence

» Local infrastructure with ullage for gas

» Tunisian need for gas will ensure active

ETAP support once appraisal complete

1974 Discovery

2006/2007Appraisal Well + ST

1992 Appraisal

Well

2010New 3D Seismic

2016First Production

2014POD

2014-2016Development

2013ELY-4 Appraisal Well

2005PA Acquisition

13

2006 6th license round

Awarded to Scotsdale

2011Exploration well

+ ST

2008 PA acquired

Scotsdale

2012Declaration of

commerciality

2017First production

2014BT POD

2015Development

start

Broder Tuck

» Gas field discovered by PA in 2011

» Estimated recovery 15-45mmboe

» Development Plan will be completed in 2014

» In shallow water and adjacent to existing

infrastructure

» Preferred development concept to be

determined in 2014

» Good progress in discussions with nearby

host platform and an alternative host is

under active review

14

2006 6th license round

Awarded to Scotsdale

2011Exploration well

+ ST

2008 PA acquired

Scotsdale

2012Declaration of

commerciality

2017First production

2014LJ appraisal well

2015Development

start

Lille John

» Oil field discovered by PA in 2011

» Estimated recovery ranges from

uneconomic up to 60mmstb if appraisal well

confirms reservoir model

» Appraisal well required to confirm size of

structure

» Currently looking at 2014 slot in Dana rig

programme

» Straightforward tieback to existing

infrastructure for oil export to Danish

mainland

» Appraisal well required to establish better

reservoir development

» Will pursue this trend together with Dana

15

Mer Profonde Sud

» Azurite Field now abandoned and vessel

shortly to depart

» Murphy exited after Azurite failure but

remain in the Azurite Exploration Permit

» MPS: prospective exploration block

adjacent to and along trend from several

large fields

» Encouraging reprocessed 3D seismic

was basis for PA re-evaluation and farm-out

to SOCO

» Once transaction complete, plan to drill

RR prospect in 2014/2015

2014DL-23

2010-20113D Seismic

2002-2004WO & Infill Drilling

17

Since 2000 Gunvor has grown into one of the world’s leading energy commodity traders

In 2012 Gunvor traded 130 million tonnes of oil and ended the year with:

» a turnover > $93 billion,

» book equity > $2.2 billion

» available liquidity of $5.6 billion

As part of its growth strategy, Gunvor has invested in a number of business related to its trading

activities, including PA Resources

Apart from being our largest equity holder, Gunvor is a key stakeholder in PA through its reserve

base lending facility

The second largest PA shareholder is Lorito, a trust owned by the Lundin family, founders of

Sweden’s most successful oil company

Strong Supportive Shareholders

17

Current debt in the market

18

Q3 2013 Q2 2013 Q1 2013 Covenants

Book Equity (SEK

million)2,144 1,973 2,201 >1,000

Book Equity to

Capital Employed49% 46% 48% >40%

Net debt (SEK million) 1,422 2,197 2,111 N/A

Covenants and Net Debt development

NOK Bond

ISIN NO0010605728

Amount outstanding NOK 810,000,000

Maturity date 2016-04-05

Amortisations2014-04-05: NOK 135m 2015-04-05: NOK 135m

Coupon 12,25%

Interest paymentsSemi-annually April/October

Following repayment of convertible bond on 15th January 2014, PA Resources currently have 2

outstanding bonds:

SEK Bond

ISIN SE0005392834

Amount outstanding SEK 750,000,000

Maturity date 2016-03-03

Amortisations --

Coupon 13,50%

Interest payments Annually

Earnings – Q1 to Q3

19

SEK million Jan – Sept 2013

Profit for the period -817

One-off costs

Decommissioning costs 469

9/06 (Gita) 89

2008/17 (Block 8) 97

Tunisian farm-out 117

Remaining costs Azurite field 21

Net exchange gains/losses -88

Didon 70% net result impact 3

Profit for the period

(Adjusted)-109

Cash flow – Q1 to Q3

20

SEK million Jan - Sept 2013

Cash flow from operations -110

Capex -171

Rights issues 1,413

Loans raised 38

Amortisation of debt -392

Cash flow from financing 1,059

Net cash flow 778

KEY COMMENTS

• Rights issues of SEK 810 million and

SEK 604 million respectively, net after

transaction costs

• Full year capex forecast of SEK 250-

380 million, expected outcome in the

lower part of the range

• Cash and cash equivalents at the end

of the period, SEK 835 million

.....progress will continue in 2014.......

Field rehabilitation in Didon

ESP on a current producer

A new production well

Development Plans approved:

Zarat

Diega

Development concepts worked:

Broder Tuck

Birgitta

Rigs secured and drilling plans in place:

Lille John

Elyssa

MPS21