1. Second Quarter 2012
Bo Askvik, President & CEO
Nicolas Adlercreutz, CFO
Stockholm, 15 August 2012

2. Financial highlights
Q1

3. Earnings and key ratios
Q2 2012 Q1 2012 1H 2012 1H 2011 KEY COMMENTS Q2 vs Q1
Production (bopd) 8,000 8,700 8,300 9,100 • Lower production and realised
price lowered revenue
Oil price (USD/barrel) 109 120 113 101
• Stable OPEX, to a large extent
fixed costs
Revenue (SEK million) 542 650 1,192 1,125 • EBITDA margin 55.7%
EBITDA (SEK million) 302 395 697 694 • Depreciation somewhat lower
due to lower production
EBITDA margin 55.7% 60.8% 58.5% 61.7
• “Maja” write-down of SEK 92
Profit before tax -23 68 45 131 million in Q2 2012
(SEK million) *
• Financial net increased due to
Profit for the period -118 -31 -149 -116 fx effects and non-cash costs
(SEK million)* related to amortization of debt
Earnings per share (SEK) -0.33 -0.05 -0.38 -0.18
• Tax/EBITDA 31% in Q2
* Figures for Q2 exclude non-cash, one-off costs of SEK 92 million
3

4. Cash flow
Q2 Q1 1H 1H
KEY COMMENTS
SEK million 2012 2012 2012 2011
Operating cash flow 425 175 600 466 • Operating cash flow of SEK 425
million in Q2
of which income -2 -3 -5 -29
taxes paid
• Continued minimal capex spending,
mainly on Aseng and Alen develop-
CAPEX -21 -32 -53 -963 ment in EG
Financing activities -570 -13 -583 -550 • Amortizations in Q2 amounted to
SEK 570 million
Net cash flow -167 131 -36 -1,047
• Didon lifting in late June of 197,000
bbls (USD 19 million) with final
payment in July
4

5. Reduced debt
Interest-bearing debt per June 2012 KEY COMMENTS
• Available credit lines end of Q2
22% Bonds amounted to approx. SEK1.1 billion
of which approx. 73% utilised
Convertible bond
53% Credit facilities • Amortizations of SEK 570 million in
Q2 and SEK 583 million 1H 2012
25%
• Net debt reduced to SEK 3.5 billion
• RBL-facility fully repaid in Q2,
Azurite field‟s poor performance
resulted in increasing costs and less
Covenants and net debt favourable terms and conditions
Q2 2012 Q1 2012 Dec. 2011 Covenant • Next bond maturity in October 2013
Book Equity (SEK million) 3,064 2,994 3,270 >2,000
Book Equity to
47% 43% 45% >40%
Capital Employed
Net debt (SEK million) 3,503 3,803 3,982 N/A
5

6. Production and sales in 2012
Average production per country (bopd)
12000
Congo: Azurite EG: Aseng Tunisia: Didon & Onshore
bopd Ytd 2012 Q2 2012 July 2012
10000
West Africa 5,900 5,700 5,800
8000
North Africa 2,400 2,300 2,400
6000
4000 Group Total 8,300 8,000 8,200
2000
0
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012
• ASENG: Average production level increased to
63,000 boepd in Q2 (3,600 net to PA Resources)
Average sales price (USD/bbl)
140 • AZURITE: One week shutdown for field
PA Resources
117 119 maintenance successfully performed in May,
Brent 113 108
120 106 109
production back in early June
120
100
79 78
85 109 106 104
109 • TUNISIA: All three onshore fields are back in
77 97
80 production after the temporary shut down
82
78
60 71 72 • PRICE: PA Resources realised price slightly
40
above Brent average for the quarter
20
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2010 2010 2010 2010 2011 2011 2011 2011 2012 2012
6

7. Maintained Capex forecast 2012
Capex 2011 - 2012 KEY COMMENTS
Actual Forecasted • 2012 forecast of SEK 240-375 million stands
1 800
1 600
• Capex of SEK 21 million in Q2 and
1 400
1,613 SEK 53 million in 1H 2012
1 200 • Azurite sidetrack preparations and drilling
MSEK
1 000 imminent
800
600
400 Drilling program/planned wells 2012-2014
200 240 - 375
Tunisia: Zarat Elyssa 2013 Appraisal/1
0
53
2011 2012 Tunisia: Makthar 2014 Exploration/1
Congo: MPS Azurite 2H 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
7

8. Operations & Outlook
Q1

9. Denmark: Gita extended and Maja relinquished
PA Resources 26.8%
Gita-1X well in 2008/2009
• Drilled to TD 5,162m Upper Jurassic primary
target - reservoir encountered but no hydrocarbons
» Failure due to absence of stratigraphic trapping, limited
reservoir development
• Middle Jurassic secondary target - sandstones
encountered with logged hydrocarbons
» Modest hydrocarbon saturations, no significant shows
and very low permeability
» Subsequent work has not reduced risk on presence of
produceable hydrocarbons in Gita-1X/Middle Jurassic
Gita-1X
Exploration commitment in 9/95 Maja
• Focused on a deep, HPHT gas prospect reliant on
stratigraphic trapping at several Upper Jurassic
levels
• High cost ($100mm+) stratigraphic trap considered
Licence Group: Operator Maersk (31.2%), PA Resources
by PA Resources to be a relatively high risk target (26.8%), Dong E&P (20%), Noreco (12%), Danoil (10%)
9

10. Denmark: Gita way forward and Danish focus
Future exploration in 9/06 Gita
• Block not yet fully evaluated at all prospective levels
– Jurassic, Cretaceous and Tertiary
• Nearby discoveries at shallower Cretaceous and
Tertiary levels provides reason to continue
evaluation
Strategic conclusion for PA Resources
• Focus on „conventional‟ shallower target levels,
not deep, expensive HPHT gas
• PA Resources-operated 12/06 exemplifies this
strategy and offers attractive opportunities for the
company
10

11. Denmark 12/06: Way forward
PA Resources 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 12/06 Broder Tuck - 2
Lille John
• Wells established 35 API oil in Miocene sandstone
Lille John-1
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
• 2012 work programme to reprocess 3D to determine
Licence Group: Operator PA Resources (64%), Danish
prospect inventory and appraisal well location North Sea Fund (20%), Spyker Energy (8%), Danoil (8%)
• Drilling project management tendered and efforts to
locate available rig continues
11

12. Tunisia: Zarat Permit – farm-out process initiated
PA Resources 100%
Joint Oil Block
Zarat field
• PA Resources largest Tunisian asset, farm-out
process initiated in early Q3 ZRTN-1
• Zarat permit contains the Zarat field – third ZRT-1 Zarat Field
ZRT-2
largest oil, gas and condensate field found El Nisr
offshore Tunisia Aliyan
» 43 mmboe in booked 2P reserves Updip
(100% liquids) and significant additional Massinissa
gas resource potential Didon North Field
» Discussions and development planning
ongoing, aim to complete Unitised Plan Zarat West Didon South Didon Field
of Development by end of Q1 2013
Zarat Permit
» UPOD approval targeted for end of Q2 Elyssa Field
Zarat Field (PART)
2013 Didon Concession
Fields
Lead / Prospects
TUNISIA LIBYA
Licence Group: Operator PA Resouces 100%
ETAP has a back-in right of up to 55%
12

13. Tunisia: Onshore exploration potential
PA Resources 100%
• Jelma-Makthar permits surround producing
Tunis
Douleb, Semmama and Tamesmida (DST) 1
Makthar Permit
fields onshore Tunisia
1
1
• The Jelma and Makthar permits cover 2
1 Jelma Permit
areas of 7,216 km² and 3,828 km² 3
3
2
2
3
1
• Limited exploration activities conducted on Douleb, Semmama
Sfax
& Tamesmida
the permits and considered relatively low
risk
• Successful exploration and production
history in the region
• Serdj play proved as working petroleum Tunisia
system for DST fields 4
Jenein Centre Permit
• Nearby oil and gas infrastructure Algeria Libya
4
4
Producing Asset
Exploration Acreage
13

14. Tunisia: Makthar permit extended
PA Resources 100%
• Makthar permit contains several onshore
exploration prospect, permit extended to
2014 NW Maiza
• Detailed analysis and modelling of 2D Makthar permit
seismic over Makthar finalised
• Evalutaion of Jelma permit potential
completed Friha
Boughanem
• Regional mapping of reservoirs, seals and
Jelma permit
source rock formations over both permits
completed
• Awarded open acreage around Douleb
(189km2) as integrated into Makthar permit Douleb & Semmama
• New seismic to be acquired over Makthar‟s
most promising prospects and leads to
mature prospect for commitment well in
2014 Licence Group: Operator PA Resouces 100%
ETAP has a back-in right of up to 55%
14

15. Congo: Drilling of Azurite sidetrack imminent
PA Resources 35%
• Marked decline in one well in February 2012
due to well completion failure in oil producing
zone
NORTH
• Full evaluation of remedial options to replace
or reinstate well completed
• Joint venture decision to drill sidetrack to
twin failed producer in western fault block from WEST
Azurite FDPSO, in order to restore lost EAST
production
• Preparatory activities commenced -
mobilisation of drilling crew and long lead
items
CENTRAL
• Drilling activities expected to start in early Q4
and well to be on stream in early Q1 2013
Licence Group: Operator Murphy (50%),
PA Resources (35%) and SNPC (15%)
15

16. Congo: Sendji prospect potential in MPS
PA Resources 35%
• Mer Profonde Sud licence contains several
promising prospects in two structures
» Miocene - producing in Azurite field
» Deeper Sendji - shallow water reservoir
new target established by 2010 wells
• Evaluation of re-processed 3D seismic
and prospect mapping
• Operator Murphy to spud a well on adjacent
MPN licence in Q3 2012 targeting a 250 million
Azurite
barrel Sendji carbonate prospect
Sendji
prospects
Licence Group: Operator Murphy (50%),
PA Resources (35%) and SNPC (15%)
16

17. EG Block H: Aleta exploration well
PA Resources 6.25%
• Firm plans to drill commitment well
• Production sharing contract extended to Feb
2013 to allow exploration drilling
• Block H contains several prospects and leads Aleta
up to several hundred mmbo gross, unrisked
• Work continues to locate an available rig to
drill the Aleta prospect in 2012/2013
Licence Group: Operator White Rose 46.31%, Atlas
23.75%, Roc Oil 19%, PA Resources 5.94%, GEPetrol 5%
* Interests shown are subject to GE Petrol back-in
17

18. EG Block I: Aseng production gradually increased
PA Resources 5.7%
• Total field production since start in November 2011
of 14 mmboe – 800,000 barrels to PA Resources
• Capex of approx 10 USD per barrel, investments
of SEK 500 million recovered
• Average production of 63,000 bopd in Q2,
3,600 net to PA Resources
• Operator to gradually increase production at
rates between 65,000 and 70,000 in Q3
(3,700 – 4,000 net to PA Resources)
18

19. EG Block O/Block I: Near term drilling program
PA Resources 5.7%
• Operator secured Atwood Hunter rig for
drilling program likely to include drilling
in Block I
• Work underway to firm up exploration/
appraisal campaign late Q4 2012 or 1H 2013
• Likely targets exploration/appraisal wells:
» Exploration/appraisal of trend proven by
the 2011 Carla discovery in adjacent
Block O
» Appraisal well in Block I on the Diega
accumulation
Licence Group: Operator Noble Energy (38%),
Atlas Petroleum Int. (27.55%), Glencore (23.75%),
PA Resources (5.7%), GEPetrol (5%)
19

20. Outlook and focus 2012
• Drilling of sidetrack to Azurite well
• Increased production levels at Aseng
• Selective appraisal and exploration
activity in EG: Block I and Block H
• Appraisal drilling and development
planning of Danish discoveries towards
commercialisation
• Progressing the Zarat field and Block I
development projects
20

21. Thank you!
Q3 Report on 24 October 2012
Q1