1. EGM 2012
Bo Askvik, President & CEO
Stockholm
7 December 2012

2. Presentation outline
1 Financial highlights 2 Recapitalisation proposal 3 Way forward - business plan
» Operational recent » Equity increase of SEK 1,700 » Financial strength combined
developments million with farm-out transactions
» Q3 operational result in line » Net debt reduced to SEK 1,900 » Development of 30 Mmboe at
with market expectations million 1) USD 9/boe in operated assets
» Congo asset impairment of » Equity post recapitalisation » Asset revaluation – upside
SEK 1,495 million transaction approx. SEK 2,500 potential
million
1) After cost and assuming 100% acceptance
2

3. Recent development
HIGHLIGHTS
• Alen field development progressing according to plan,
targeting first production in 2H 2013
• Block I targets for exploration and appraisal drilling in
2013 in progress
• Zarat permit extended until July 2015, with Elyssa
appraisal well scheduled in 2013, farm-out activities
on-going
• Appraisal requirements and development options are
evaluated on Danish 12/06 – parallel with efforts to
locate available rig continues. Initiated discussions with
Maersk for infrastructure tie back
• Awarded provisional UKCS licence - Block 22/19a -
containing undeveloped Fiddich gas/condensate field
(1984) and adjacent to PAR-operated Block 22/18c
• German licence farm-out to Danoil (10%) – partner in
adjacent 12/06 licence.
• Tentative Unitization agreement of the Zarat field
3

4. Production and sales Ytd 2012
Average production per country (bopd)
12000
bopd Ytd 2012 Q3 2012 Nov. 2012
Congo: Azurite EG: Aseng Tunisia: Didon & Onshore
West Africa 5,700 5,600 4,800
10000
8000 North Africa 2,300 2,100 2,400
6000
Group Total 8,000 7,700 7,200
4000
2000
0
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 • ASENG: New production level of 60,000-63,000
bopd to maximise reservoir recovery
Average sales price (USD/bbl)
• AZURITE: Sidetrack operations begun in Q4 and
140 PA Resources Brent expected to last several months. Plug & abandon
117 113
119 completed, drilling to commence.
120 106 109 108 109
120 • TUNISIA: Onshore fields are back in production
100 85 109 109 109
79 78
106 104 after the temporary shut down in Aug/Sep
77 97
80
78
82 • PRICE: PA Resources realised price equal to
60 71 72 Brent average for the third quarter
40
20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012
4

5. Q3 financial highlights
Q1

6. Q3 impairments and tax adjustments
Impairments Tax adjustments
• One-off and non-cash impairment charges and • Previously unreported deferred tax liabilities
write downs in Q3 of in total SEK 1,495 million pertaining to periods before 2011 have been
adjusted by SEK 445 million and reported directly
• The Marine XIV license in the Republic of Congo against share-holders' equity for the opening
was relinquished in early October, resulting in a balance of 2011
write down of approximately SEK 174 million
• New opening balance of equity 2012
• The annual impairment test performed and SEK 2,816 million
assets in the Republic of Congo impaired,
mainly as a result of a revision of Azurite field’s • Previously unreported deferred tax assets in the
recoverable reserves parent company reduced income taxes in Q3 by
SEK 125 million
• Azurite/Mer Profonde Sud impairment of SEK
1,321 million. Azurite future book value only new
sidetrack/well
6

7. Earnings and key ratios
Q3 Q2 Jan-Sep Jan -Sep
2012 2012 2012 2011 KEY COMMENTS Q3 vs Q2
Production (bopd) 7,700 8,000 8,100 8,700 • Lower production lowered
revenue
Oil price (USD/barrel) 109 109 113 103
• Stable OPEX, to a large extent
fixed costs
Revenue (SEK million) 525 542 1,717 1,619 • EBITDA margin of 55.7%
• Depreciation somewhat lower
EBITDA (SEK million) 292 302 990 989
due to lower production
EBITDA margin 55.7% 55.7% 57.6% 61.1% • Financial net strengthened due to
fx effects and both lower interest
Profit before tax 64 -23 107 147 and amortized cost
(SEK million) *
• Tax/EBITDA 27% in Q3
Profit for the period -15 -118 -166 -229
(SEK million)*
Earnings per share (SEK) -2.17 -0.33 -2.55 -0.36
* Figures 2012 exclude non-cash, one-off write downs and impairment charges of SEK 1.495million
(SEK 1.370 million after tax) in Q3, SEK 92 million in Q2 and SEK 1.585 million (SEK 1.460 million
after tax) in the nine-month period.
7

8. Cash flow
Q3 Q2 Jan-Sep Jan-Sep
KEY COMMENTS
SEK million 2012 2012 2012 2011
Operating cash flow 64 425 664 917 • Operating cash flow of SEK 664
million Jan-Sep
of which income 0 -2 -5 -38 • Continued low capex spending,
taxes paid mainly on Aseng and Alen
CAPEX -16 -21 -69 -1,478 development in EG
Financing activities -51 -570 -634 -445
Net cash flow -2 -167 -39 -1,005
8

9. Capex forecast 2012/2013
Capex 2011 - 2013 KEY COMMENTS
1 800
1,613 Actual Forecasted • 2012 forecast of SEK 240-375 million unchanged
1 600
• Capex of SEK 16 million in Q3 and SEK 69 million
1 400
for nine-month period 2012
1 200
• Azurite sidetrack drilling imminent
MSEK
1 000
800
• 2013 forecast SEK 250-380 million
600
400 240 - 375 250-380
Drilling program/planned wells 2012-2014
200
Tunisia: Zarat Elyssa 2013 Appraisal/1
0 69
2011 2012 2013 Tunisia: Makthar 2014 Exploration/1
Congo: MPS Azurite Q4 2012 Sidetrack/1
Appraisal/
EG: Block I Block I 2013
exploration/1
EG: Block H Aleta Q4 2012/2013 Exploration/1
DK: 12/06 Lille John 2013/2014 Appraisal/1
9

10. Current debt situation
Covenants and net debt KEY COMMENTS
Q3 2012 Q2 2012 Q1 2012 Covenant
• Recapitalisation to restore Equity and Book
Book Equity (SEK million) 956 3,064 2,994 >2,000 equity/Capital employed above requirement
Book Equity to in covenants
22% 47% 43% >40%
Capital Employed
• Waiver obtained for both NOK & SEK bonds
Net debt (SEK million) 3,410 3,503 3,803 N/A covenants
• Waiver conditional on EGM approval of
proposed recapitalisation
• Bond loans will be due for immediate
repayment if waiver is withdrawn
• New equity post recapitalisation of approx.
SEK 2,500 million
10

11. Recapitalisation
Transaction in brief
Q1

12. Development 2010–2012: Azurite set-back
Production CAPEX
20 000 6 000
5 000
15 000
Average bopd
4 000
MSEK
10 000 3 000
2 000
5 000
1 000
0 0
2010 2011 2012 YTD 2010-2012 2010-2012E
2010 Strategic Plan Actual Production 2010 Strategic Plan Actual CAPEX
Operating cash flow*
• Production 2012 YTD turned out almost 10,000 boepd
4 000
below the plan set fourth in 2010 – mainly due to Azurite
3 500
– Negative operating cash flow effect of more than
3 000 SEK 2.9 billion 2010-2012 YTD*
2 500
• Other assets – especially Aseng – have performed in
MSEK
2 000 line or above plan
1 500
• Planned capex delayed due to cash flow constraints
1 000
500 • Operating cash flow** from producing assets remains
0 strong – SEK 664 million 2012 YTD
2010-2012 2010-2012E
*) Net entitlement. Based on an oil price of USD 80/bbl
2010 Strategic Plan Actual Operating Cash Flow **) Operating cash flow pre capex, post tax
12

13. Indebtedness too high given current asset base
Background Net debt development
5 200%
Poor Azurite performance 4,0
4 3,7 3,7 3,8
Net debt/equity (%)
3,5 3,5 3,4 150%
Net debt (SEKm)
3,1 3,2
3 2,8
2,5
127% 100%
Accelerated amortizations 122% 114% 140%
2
85% 77% 72%
60% 68% 50%
1 52%
41%
Weak balance sheet
0 0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010 2011 2012
Perceived inability to
develop assets Net debt of which convertible bonds Net debt*/equity
*) Includes convertible bonds, before impairment
Unfavourable • Underlying cash flow from production stable but
conditions for net indebtedness following Azurite set-back too
credit facilities high and liquidity has become a constraint
Difficulty to
Low perceived • Recapitalisation to strengthen balance sheet
make asset critical to avoid financial distress
value of assets
transactions
Price pressure
on all traded
instruments
13

14. Solution: Recapitalisation for future growth
Board of Directors propose a two-step transaction strengthening equity with SEK 1.7 billion
1 Set-off issue Ownership Outcome
8%
» Offer to convertible bondholders » The company believes that after the
to set-off their convertible bonds transactions its balance sheet will be
against newly issued shares at 92% sufficiently strong to:
SEK 0.15 Current Convertible
shareholders bondholders • Increase ability to complete asset
divestments
2 Ownership • In combination with new debt
Rights issue
financing, enable ability to develop
24%
4% prioritised assets to secure future
growth
» Fully underwritten rights issue
of approx. SEK 700 million at
48% • In combination with new debt
24% financing, enable planned
SEK 0.10 (~50% directed to old
equityholders and ~50% to Current Convertible amortisation of bond loans and
shareholders bondholders
convertible bondholders) credit facilities during 2013
Convertible Shareholders’ share
bondholders’ of new issue
share of new issue
» Post transaction – continue to benefit from operating cash flow and development potential inherent in assets
primarily in North Africa and the North Sea
The set-off issue and fully underwritten rights issue are subject to the underwriting agreement entered into between the company and Carnegie not being
terminated. Carnegie has the right to terminate the agreement, inter alia, if the set-off issue is not subscribed for to such extent that more than 90% of the claim
under the convertible bonds (including accrued interest as at 6 November 2012) is used as payment for the new class B share by way of set-off.
14

15. Terms of set-off and rights issue
1 Set-off issue
• Set-off of one (1) convertible bond of nominal value including accrued
interest of in total SEK 17.40 for 116 new B shares at SEK 0.15 per share
Set-off issue
• Maximum of 7.1 billion new B shares (increase in equity of SEK 1.1
billion)
2 Rights issue approx. SEK 700 million (assuming 100% acceptance in set-off issue)
Rights issue to
• Rights issue directed to the current shareholders (holders of A
current
shares) of approximately SEK 350 million at SEK 0.10 per share
shareholders
Rights issue to • Rights issue directed to holders of new B shares from set-off issue of
holders of new B approximately SEK 350 million at 0.10 per share
share
15

16. PA Resources way forward – business plan
Operating cash flow » Cash flow from producing assets to finance maintenance investments in the Aseng
and rights issue proceeds and Didon fields
enables maintenance » Strengthened balance sheet, in combination with new debt financing, enables
investments planned amortizations of bond loans and credit facilities during 2013
» Work ongoing to reduce interest in certain prioritized assets
Farm-outs to reduce
risk exposure and • Zarat license in Tunisia (Elyssa, Zarat and Didon)
future investments • 12/06 in Denmark (Broder Tuck and Lille John)
» Cash flow from producing fields combined with new debt financing enables
Development of development of prioritized assets – target to develop ~32 mmboe to production
prioritized assets for • Zarat and Elyssa in Tunisia
long-term • Broder Tuck and Lille John in Denmark
production growth
» Net debt to remain in line with the level following the transactions
Selective exploration
to increase the » Selective exploration and appraisal of Block I in EG and Makthar in Tunisia
resource base » Only a few planned commitments
Improved position for
» Strengthened balance sheet secures the value of the asset portfolio and improves
farm-outs and asset
the position in future farm-outs and asset related transactions
related transactions
16

17. Zarat Field – Largest undeveloped discovery in Tunisia
1990 1992 1995 2005 2010-2011 2011-2012 2013 2013-2017 2017/2018
Permit Award Discovery Appraisal Well PA Acquisition ZRT-N1 Appraisal POD Update, Unitisation UPOD, UUOA Development First production
• c. 80 mmbbl liquids
Outlook - Forward Plan
Gross
Recoverable • c. 600 Bscf gas incl. inerts » Tunisian gas deficit growing – more gas projects required
Volumes • Largest undeveloped discovery in Tunisia with Elyssa & Zarat as clear candidates
» Submit Unit Plan of Development by Q1 2013
• c. 60% of field lies in Zarat Permit » Agree unitisation principles with Joint Oil Block
Unitisation » Actively participate in Government infrastructure initiative
• c. 40% in Joint Oil Block
Ownership & • Zarat Permit: PA Resources 100% Development Concept
Operatorship • Joint Oil Block: Sonde 100%
• El Gueria fm reservoir
Subsurface • 30m oil rim with > 70m rich gas cap
Aspects • 40° API oil, 53° API condensate
• Significant inert component in gas
• 40,000 bopd initial oil/cond rate first year
• 200 mmscf/d initial raw gas rate
Facilities and • 9 producer wells, 4 gas injectors
Development • Objective to maximise liquid recovery
Aspects • Plan assumes a 7yr gas recycling phase
• Followed by gas cap blowdown
• 25yr + production life
17

18. Zarat Field – Tentative Unitization agreement
RECENT DEVELOPMENT Joint Oil Block
Zarat field
• Tentative agreement reached on Unitization of Zarat
field reached with Sonde Resources (licence holder
ZRTN-1
to North Zarat licence) ZRT-1 Zarat Field
ZRT-2
• Agreement includes principles relating to Unit Area,
El Nisr
Unit Plan of Development Area and Tract Participation Aliyan
• Unit Plan of Development on track for submission to Updip
Tunisian Authorities by end Q2 2013 Massinissa
• Detailed reservoir technical evaluation undertaken Didon North Field
jointly by PA Resources and Sonde is on-going
• Preliminary results indicate gas recycling option as Zarat West Didon South Didon Field
a viable production option – allows production of
oil and condensate in advance of gas blow down Zarat Permit
Elyssa Field
Zarat Field (PART)
• Further announcement once all approvals have Didon Concession
been obtained Fields
Lead / Prospects
TUNISIA LIBYA
Licence Group: Operator PA Resouces 100%
ETAP has a back-in right of up to 55%
18

19. Elyssa – Appraisal well in 2013
1974 1992 2005 2006/2007 2010 2013 2014 2014-2016 2016
Discovery Appraisal Well PA Acquisition Appraisal Well + ST New 3D Seismic ELY-4 Appraisal Well POD Development First Production
Outlook - Forward Plan
Gross • c. 50 mmboe
Recoverable • Mainly gas resources » Tunisian gas deficit growing – more gas projects
Volumes • Small quantity of oil/condensate required with Elyssa & Zarat as clear candidates
» Seismic re-interpretation & modeling by end 2012
Ownership & » Drill appraisal well in 2013
• PA Resources 100%
Operatorship
Development Concept
• Asymmetric anticline structure
• Gas & oil accumulation in Vascus Cherahil
Subsurface and Bireno reservoirs
Aspects • 36-37° API oil
• Low inert, c. 16% assumed
• 50 m water depth
Facilities and • 6 production wells
Development • Development via tie-back
Aspects • c. 3,000 bopd initial oil/cond rate
• c. 120 mmscf/d initial raw gas rate
19

20. Denmark 12/06 – 2011 discoveries and way forward
PA Resources Operator with 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
• Initiated discussions with Maersk for infrastructure tie back
12/06 Broder Tuck-2
• Assumed production start in 2017
Lille John Lille John-1
• Wells established 35 API oil in Miocene sandstone
at c. 900m – exceptionally light oil for shallow depth
• Work focused on Miocene prospect inventory B20008-73
• Remaining deeper potential likely – Chalk remains and
well result upgrades Middle Jurassic prospect
• 2012 work programme to reprocess 3D to determine
prospect inventory and appraisal well location
Licence Group: Operator PA Resources (64%), Danish
• Drilling project management tendered and efforts to locate North Sea Fund (20%), Spyker Energy (8%), Danoil (8%)
available rig continues
• Initiated discussions with Maersk for infrastructure tie back
• Assumed production start in 2016
20

21. Reserves and Resources for development
2P Contingent Risked Prospective
MMboe
Reserves Resources Resources
Block I, Block H, MPS,
Didon, Azurite, Aseng Block I, MPS, 12/06, Marine XIV, Zarat permit,
Assets
liquids, Alen, Zarat field Marine XIV, Zarat permit, Jelma, Makthar, Jenein
included
liquids, DST Netherlands Center, Gita, 12/06, Block
8, Netherlands, UK
2011.12.31 60.2 145 409
Present PAR working interest
Tunisia: Zarat 43.9 29.3
Tunisia: Elyssa 42.2
Denmark: Lille John 9.1 9.1
Denmark: Broder Tuck 21.4
Total 43.9 102.2 9.1
Developed Net after farm-out 8.8 21.5 2.2
21

22. Prioritised investments/projects 2013-2018
Farm-out
2013E 2014E 2015E 2016E 2017E 2018E Total
target • CAPEX forecast
assumes farm-out of
Development Projects prioritised assets
Producing Fields 240 160 140 30 0 0 570 • Maintenance CAPEX of
Denmark: 12/06 Field 130 220 310 180 0 0 840 64% to 15%
producing fields included
Tunisia: Zarat Field 210 500 1 060 680 230 0 2 680 100% to 20%
Exploration 110 70 0 0 0 0 180
CAPEX Forecast (MSEK) 690 950 1 510 890 230 0 4 270
PAR Carry Estimate 520 680 970 300 0 0 2 470
Net CAPEX (MSEK) 170 270 540 590 230 0 1 800
Total assets
Production and reserves under development
2013 2014 2015 2016 2017 2018
Reserves*
Reserves in producing fields
(MMBOE) 12.8 10.9 8.9 7.6 6.2 5.0
Reserves in assets to be
developed (MMBOE) 32.5 32.5 32.5 30.3 27.5 23.2
Total 45.3 43.4 41.4 37.9 33.7 28.2
Production (boepd)*
Working interest 6,300 5,300 5,400 9,500 11,500 15,000
*) Assuming farm-outs
Note: Assumes an oil price of 110 USD/bbl, USD/SEK of 6.53 and a discount factor of 10%
22

23. Expected outcome of Business Plan
Estimated development of reserves (MMBOE)
HIGHLIGHTS:
40
35 • Continued production from currently producing
30 assets
25
30 MMBOE • Investments in 2013-2015 adds new production
20
and long-term cash flow – 30 mmboe developed
15
to production
10
5 • Farm-outs critical to reduce risk and capex
0
2013 2014 2015 2016 2017 2018 • Further investments in 2016-2017
Producing Fields Fields to be developed to maintain and add new production
• Planned production start for Lille John and
Production development (boepd) Elyssa in 2016 followed by Broder Tuck and
Block I in 2017 and Zarat field in 2018
17 500
15 000
12 500
10 000
7 500
5 000
2 500
0
2013 2014 2015 2016 2017 2018
Producing Fields Fields to be developed
23

24. Expected outcome of Business Plan
Production and cash flow* development Net debt development
8 160%
2 000 1,820 20 000
Net debt and equity (SEKbn)
6 120%
1 500 15 000 5,0
Net debt/equity (%)
Production (boepd)
86%
Cash flow (SEKm)
76% 72%
4 68% 3,6 80%
1 000 840 10 000 2,8
2,5 2,4 2,4
2,1 2,0 33%
1,7 1,8
2 1,2 40%
500 5 000
180
60
0 -13% 0%
0 0
-100 -0,6
-500 -270 -5 000 -2 -40%
2013e 2014e 2015e 2016e 2017e 2018e 2013e 2014e 2015e 2016e 2017e 2018e
Equity Net debt Net debt/equity
Net cash flow Production
*) Cash flow post capex, G&A and interest payments
24

25. CAPEX forecast – Total and per barrel
CAPEX incl carry proceeds
1 800 CAPEX HIGHLIGHTS:
1 600
1 400 • Development of prioritised key assets and
1 200 continued selective exploration activities
MSEK
1 000
• 30 MMBOE to be developed to producing
800
reserves
600
400 • Total capex forecast of SEK 1.8 billion
200
0 • Development capex of approx. USD 9/boe
2010
2011
2012E
2013E
2014E
2015E
2016E
2017E
2018E
including carry proceeds
CAPEX/Produced barrel
80
70
60
50
USD/bbl
40
30
20
10 Cost per developed boe incl carry proceeds
0
2010
2011
2012E
2013E
2014E
2015E
2016E
2017E
2018E
25

26. Prioritised assets – Value through farm-outs
Asset valuation before and after farm-outs
After Farm -outs KEY COMMENTS:
Reserves & Current Current
Contingent Working PAR Working PAR • Farm-out of prioritised assets to reach
Resources Book Value Interest Valuation Interest Valuation preferred working interest level and
North Africa (mmboe) (MSEK) (%) (MSEK) (%) (MSEK) reduce risk on individual assets
Didon* 100,0% 50,0%
DST* 75,0% 75,0%
• Value per barrel potential increase from
Zarat
120 2 807
100,0%
8 300
20,0%
3 000 $4/boe in current book value to $19/boe
Elyssa 100,0% 20,0% on prioritised assets after development
Total 120 2 807 8 300 3 000 and farm-outs
• Upside potential compared to current
West Africa
book values in West Africa and North
Azurite* 35,0% 35,0%
13 707 2 100 2 100 Sea development assets
Block I* 5,7% 5,7%
Total 13 707 2 100 2 100 • Large portion of value in North African
assets
North Sea
ASSUMPTIONS FOR VALUATION:
12/06, Broder Tuck
40 384 64,0% 3 100 15,0% 1 100
12/06, Lille John • Reserve data from third party reports
Total 40 384 3 100 1 100
• Business plan as previously presented
Exploration assets Oil price of 110 USD/bbl
Other Assets, incl. • USD/SEK of 6.53
441** 1 693 - 2 300 - 2 300
Exploration**
Total 441** 1 693 2 300 2 300 • Cash flow discounted at 10%
Total 5 591 15 800 8 500
*) Producing assets
**) Includes prospective resources
26

27. Asset valuation – Summary
10
8,5
8.5
8
2,3
6.2
SEK billion
6 5,6
Total equity of SEK ~1.9 billion
1,7
3,9
4 0.1***
0.7**
1,6
1.1** 2.3
2
2,3 2,3 1.9**
0
Book values PAR valuation Net debt New equity from New equity from Old equity** Upside to NAV
assuming farm- convertible rights issue
outs* bondholders
Asset valuation Upside potential to business plan
Producing assets Assets to New equity from
Net debt post New equity from Old equity Upside potential
be developed rights issue
transactions convertible bondholders
Exploration assets
*) Based on reserve data from third party reports, the business plan as presented on the previous pages, an oil price of 110 USD/bbl,
USD/SEK of 6.53 and a discount factor of 10%
**) Assumes 100% acceptance in the exchange offer
***) Based on a share price of SEK 0.14, i.e. the theoretical share price post transactions
27

28. Summary and outlook
INVESTMENT HIGHLIGHTS:
• Cash flow from current production
• Financial capacity to finance development
capex according to plan and repay/refinance
the SEK bond due in 2013
• Development of existing reserves adding after
farm-out 30 MMBOE for long-term production
growth - expected to result in net cash position
in 2018
• Value in asset portfolio secured and
strengthened position for future farm-outs and
transactions
28

29. Thank you!
Q1