1. First Quarter 2013
Bo Askvik,
President & CEO
Stockholm, 24 April 2013

2. 2
Production and sales in Q1
bopd Full-year
2012
Q1
2013
March
2013
West Africa 5,600 4,800 4,700
North Africa 2,300 2,000 1,900
Group Total 7,900 6,800 6,600
• ASENG: Average production level of approx.
60,000 boepd in Q1 (3,400 net to PA Resources),
vessel’s gas handling capacity being assessed
• AZURITE: Production impacted by intermittent well
instability, operator assessing field’s way forward
• TUNISIA: Onshore production impacted by well
intervention, successfully completed in March
• PRICE: PA Resources realised price of USD 113
per barrel equal to Brent average
Average production per country (bopd)
Average sales price (USD/bbl)
97
109 106 104
120
109 109 106
113
106
117 113 109
119
108 109 110 113
20
40
60
80
100
120
140
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
PA Resources Brent
0
2 000
4 000
6 000
8 000
10 000
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Congo: Azurite EG: Aseng Tunisia: Didon & Onshore

3. Earnings and key ratios
3
Q1 2013 Q4 2012 FY 2012
Production (bopd) 6,800 7,100 7,900
Oil price (USD/barrel) 113 106 111
Revenue (SEK million) 446 467 2,184
EBITDA (SEK million) 242 266 1,255
Profit before tax
(SEK million)*
131 -16 85
Profit for the period
(SEK million)
34 -340 -1,966
Earnings per share (SEK)** 0.003 -0.19 -1.93
* Figures for Q1 2013 exclude non-cash, one-off costs of SEK 21 million. Figures for Q4 and
full-year 2012, exclude non-cash, one-off costs of SEK 169 million respectively SEK 1,748 million.
** The righs Issue in February 2013 gave rise to retrospective adjustments
KEY COMMENTS Q1 vs Q4
• Positive net result of SEK 34 million in
line with communicated estimate
• Stable net costs of SEK 204 million
compared with SEK 201 million in Q4
• Royalty levels flat
• Direct cost in connection to planned
Azurite sidetrack of SEK 21 million
presented as one-off costs
• Financial net positively impacted by
weakened NOK and reduced debt
following convertible bond set-off issue

4. Cash flow
4
SEK million
Q1 2013 Q4 2012 FY 2012
Operating cash flow -70 175 838
of which income
taxes paid
-54 0 -5
CAPEX -58 -186 -255
Financing activities 359 65 -568
Net cash flow 231 54 15
KEY COMMENTS
• Operating cash flow of SEK -70 million
mainly relating to reduction of accounts
payable and other liabilities in connection
to Azurite sidetrack
• Income taxes of SEK 54 million relating
mainly to one-off payments in Tunisia and
Equatorial Guinea
• Capex of SEK 58 million, at the lower end
of the forecast range
• Righs issue of SEK 604 million, net after
transaction costs
• Amortisations of SEK 245 million in Q1
• Cash and cash equivalents at the end of
the period amounted to SEK 288 million

5. Current equity and debt situation
5
KEY COMMENTS
• Recapitalisation restored Equity and
Book equity/Capital employed above
requirement in covenants
• Amortisations of SEK 245 million in Q1
• Net debt reduced to SEK 2,111 million
Equity and net debt before and after recapitalisation (SEK million)
Q1 2013 Q4 2012 Q3 2012 Covenant
Book Equity (SEK
million)
2, 201 1,590 956 >2,000
Book Equity to
Capital Employed
48% 37% 22% >40%
Net debt (SEK
million)
2,111 2,630 3,410 N/A
Covenants and Net Debt development
956
3,410
2,201 2,111
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
Equity Net Debt
30 Sept. 2012 31 March 2013

6. Capital expenditure 2013 forecast
Actual Forecasted
Capex development and forecast (SEK million)
KEY COMMENTS
• Capex in Q1 amounted to SEK 58 million,
at the lower end of the forecast range
• Main part of Q1 investments relates to West
Africa/Azurite sidetrack
• 2013 forecast of SEK 250 – 380 million
unchanged assuming no farm-outs reducing
investments
6
1,613
255
58
250-380
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2011 2012 2013
MSEK
58

7. Capex forecast and drilling programme
DK: 12/06 Lille John 2013/2014
Appraisal/
Exploration/1-2
EG: Block I Carla South Ongoing Exploration/1
EG: Block I Diega 2013 Appraisal/1
EG: Block H 2013 Exploration/1
NL: Q7/10a Q7-FA 2013/2014
Appraisal/
Development/1
Tunisia: Zarat Elyssa 2013/2014 Appraisal/1
Tunisia: Makthar 2014 Exploration/1
Drilling programme/planned wells 2013-2014
Capex forecast 2013 includes:
• Drilling campaign ín Block I in EG, Carla
South exploration ongoing
• Drilling campaign on 12/06 high priority
• Drilling on 12/06, Block H and Q7/10a
dependent on rig availability
• Operational expenditures in producing
fields
• Elyssa well assumes successful farm-out
of Zarat licence
• The drilling programme is revised
continuously based on the capex budget
and prioritised commitments
7

8. PA Resources’ strategy and focus
8
2013 - 2018
Development of
prioritised projects
with reduced risk
>> LONG TERM GROWTH
Development of ~ 32 mmboe for
long-term production growth
>> BALANCED INVESTMENTS
Farm-out of assets reducing invest-
ments and risk, financing from produc-
tion and debt financing at lower level

9. Business and investment plan 2013 – 2018
9
KEY ASSUMPTIONS:
Development is not progressed until farm-out
successful
• Continued operational expenditures on
producing fields
• Development of existing reserves and
resources of 155 mmboe will after farm-out add
32 mmboe
• Farm-out of prioritised assets to reach
preferred working interest level and reduce risk
on individual assets
» Zarat licence from 100% to 20%
» Didon field from 100%% to 50%
» 12/06 from 64% to 15%
• Present operatorship in farm-out assets
secures development planning
• Oil price of 110 USD/bbl and USD/SEK of 6.53
Capex forecast 2013-2018 before and
after farm out transactions (SEK million)
1,613
255 170
270
540 590
230
520
680
970
300
0
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2011 2012 2013E 2014E 2015E 2016E 2017E 2018E
PA Resources' share of investments Partners' share of investments

10. Expected outcome of planned development
10
KEY ASSUMPTIONS:
• Development of existing
reserves adding after farm-out
32 mmboe for long-term
production growth
• Debt maintained around
current level
• Expected net cash position in
2018
Estimated development of net debt
and average production
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
-1,0
0,0
1,0
2,0
3,0
4,0
5,0
2010 2011 2012 2013E2014E2015E 2016E2017E2018E
barrelsperday
SEKbillion
Net debt actual Production Net debt estimate

11. Operations & Outlook
Q1

12. 12
Operational update
HIGHLIGHTS
• EG: Carla South exploration well in Block I spudded
before Easter
• EG: Alen field development in Block I nearing
completion below budget, targeting first production in
Q3 2013
• Congo: Azurite field production impacted by
intermittent well instability likely to continue, operator
continues to assess the field’s way forward
• Congo: MPS operator has withdrawn from
exploration area increasing PA Resources working
interest from 35% to 85%, licence extended for further
evaluation
• Tunisia: Zarat farm-out process and unitisation
progressing
• Tunisia: Evaluation of onshore Jelma and Makthar
licences finalised, tender for Makthar seismic survey
in 2013 issued

13. EG Block I – Carla South exploration well ongoing
PA Resources 5.7%
• 2013 drilling programme with Atwood Hunter rig
• Progressing two exciting fields towards develop-
ment
1. Carla North and South
» 2011 discovery in adjacent Block O (’Carla
North’) appraised 2013 in Block O, where
operator has announced additional oil
reservoir found
» Carla South exploration well spudded before
Easter, expected duration around 25 days
with planned subsequent sidetrack of similar
duration and possible testing
2. Diega
» Expect appraisal well and 3 to 4 week
production test in Block I Q3 2013
13
Licence Group: Operator Noble Energy (38%), Atlas Petroleum
(27.55%), Glencore (23.75%), PA Resources (5.7%),
GEPetrol (5%)
Block I Drilling program
Carla South
1 2

14. Congo – Remaining potential in extended MPS
PA Resources 85%
• PA Resources granted additional 50% working
interest and operatorship, licence extended by
authorities until November 2013
• Prospect and lead inventory at various
stratigraphic levels
» Miocene (proven play)
» Albian (proven play on the shelf,
developing play in deep water)
» Possibly pre-salt (frontier play)
• Miocene inventory to be re-interpreted on the
2011 reprocessed 3D data which is better
suited to evaluation at this level
• Intention during extension period to seek
farmees/farmee operator to progress
exploration
14
Licence Group: Operator PA Resources (85%), SNPC (15%)
Mer Profonde Sud – exploration licence area

15. Denmark 12/06 - Progressing discoveries
PA Resources Operator with 64%
• High quality Middle Jurassic reservoir proved by wells
• Mid to high case assessment of c. 25-50 mmboe gross
of contingent resources including liquids
• Technical and commercial studies continuing towards a
year end decision point on either appraisal drilling or to
move into development Front End Engineering Design
(FEED)
• Ongoing discussions with owners of infrastructure for tie
back as one of range of possible development concepts
• Wells established 35 API oil in Miocene sandstone
at c. 900m – exceptionally light oil for shallow depth
• Remaining deeper potential likely – Chalk and Middle
Jurassic
• Efforts to locate available rig for appraisal drilling continue
in tight rig market
• Development options dependent on appraisal results –
successful appraisal could lead to tieback to nearby
infrastructure or standalone development
15
Licence Group: Operator PA Resources (64%),
Nordsøfonden (20%), Spyker Energy (8%), Danoil (8%)
B20008-73
12/06 Broder Tuck-2
Lille John-1
Broder Tuck
Lille John

16. Tunisia: Significant onshore exploration acreage
Tunis
Sfax
4
3
1
2
Algeria Libya
Tunisia
1
Makthar Permit
Tunis
Sfax
4
3
1
2
Algeria Libya
Tunisia
Producing Asset
1
1
Jelma Permit
2
1
Douleb, Semmama
& Tamesmida
3
1
Jenein Centre Permit
4
Exploration Acreage
PA Resources onshore assets:
• Jelma-Makthar permits surround
producing Douleb, Semmama and
Tamesmida (DST) fields onshore Tunisia
• Both permits cover areas of 7,216 km²
and 3,828 km², contains several onshore
exploration prospects
• Successful exploration and production
history in the region, Serdj play proved
as working petroleum system for DST
fields
• Shell preparing drilling in adjacent
licence
16

17. • Seismic program targeting defined
Makthar prospects and near field
potential
• Prepared and submitted impact
study, approval expected mid April
• In progress with tender evaluation
• Planned program of approx.
500 km
Makthar Permit: 2D Seismic program
PA Resources Operator with 100%
17
Makthar Permit

18. Largest shareholders and Nomination Committee
18
The 10 largest shareholders
per 28 March 2013
Capital/
votes
GUNVOR GROUP LTD 9.9%
AVANZA PENSION 6.8%
CREDIT AGRICOLE (SUISSE) SA 3.8%
AB TRACTION 3.0%
NORDNET PENSIONSFÖRSÄKRING AB 2.8%
ÅGERUP FASTIGHETER AB 2.7%
LUX-NON-RESIDENT/DOMESTIC RATES 1.9%
JP MORGAN BANK 1.7%
SEB S.A. 1.7%
ORIGINAT AB 1.4%
10 largest shareholders 35.7%
Other shareholders 64.3%
Total 100.0%
NOMINATION COMMITTEE
• Sven A. Olsson (Gunvor Group Ltd),
Chairman of the Nomination Committee
• Bengt Stillström (AB Traction)
• Göran Ågerup (Ågerup Fastigheter)
• Hans Kristian Rød, Chairman of the Board
The Nomination Committee’s proposal regarding
the Board of Directors, election of auditors,
remuneration and more will be published ahead
of the AGM on 14 May 2013.

19. Reverse share split
19
SUMMARY
• The EGM on 9 April 2013 resolved in favour of a reversed share
split and a minor new share issue of 28 shares
• 500 present shares are consolidated into one share, with record
date 2 May 2013
• Shareholdings is rounded off downward, any excess shares will
come under the Company’s ownership and is thereafter sold
• Proceeds to be automatically distributed among the owners
• Friday 26 April is the last trading date before the reverse split
and Monday 29 April the first trading day after the reverse split
• Following the reverse split the total number of shares in
PA Resources amounts to 28,291,998

20. Strategy and outlook
>> STRENGTHENED BALANCE SHEET
Capacity to finance development capex and planned amortisations,
enhanced position for future transactions
>> DRILLING TO PROGRESS DISCOVERIES TO DEVELOPMENT
Low risk appraisal and exploration: Block I campaign ongoing,
12/06 campaign targeting 2014, Elyssa appraisal targeting 2013/2014
>> FOCUS ON ADDING LONG TERM PRODUCTION GROWTH
Focus on farm out of prioritised assets, targeting 32 mmboe in
developed reserves (after farm-out) - expected net cash position in 2018
>> OPERATING CASH FLOW FROM PRODUCING FIELDS
Cash flow with highly profitable barrels from the Aseng field
– foundation for growth
20

21. Thank you!
Q1Q2 Report on 14 August 2013