PA Resources secures financing of SEK 3.6 billion through new five-year credit facility of SEK 1.8 billion and fully committed and underwritten rights issue of SEK 1.8 billion Oil and gas company PA Resources has decided to change its strategic focus, towards an accelerated development of existing oil assets, leading to increased production in parallel with continued exploration to increase reserves and resources. In this connection, the company has signed a new five-year credit facility of SEK 1.8 billion. Simultaneously, the Board of Directors seeks to strengthen the company’s financial position and reduce gearing. The Board of Directors has therefore resolved, subject to approval by the Extraordinary General Meeting, to carry out a fully committed and underwritten rights issue of SEK 1.8 billion.

New strategic focus The Board of Directors of PA Resources has adopted a new five-year strategic and operational plan, under which the company will focus on developing its existing portfolio of assets, as opposed to the company’s previous focus on the acquisition of new licences.

According to the plan, PA Resources will accelerate the rate at which oil fields are developed and reserves and contingent resources are brought into production The company will also carry out selective exploration within existing oil licences in order to increase reserves and resources The Board of Directors also aims to strengthen the company’s short term as well as long term financial position and reduce gearing New five-year credit facility

A five-year credit facility of up to USD 250 million, equivalent to approximately SEK 1.8 billion, has been signed with Crédit Agricole Corporate and Investment Bank and Standard Bank Plc

The credit facility refinances an existing credit facility of USD 125 million and secures additional financing for the development of the company’s assets in the Republic of Congo

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