Pa Resources Q2 2012 Presentation

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

Financial highlights Q1

Earnings and key ratios Q2 2012 Q1 2012 1H 2012 1H 2011 KEY COMMENTS Q2 vs Q1Production (bopd) 8,000 8,700 8,300 9,100 • Lower production and realised price lowered revenueOil price (USD/barrel) 109 120 113 101 • Stable OPEX, to a large extent fixed costsRevenue (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 productionEBITDA margin 55.7% 60.8% 58.5% 61.7 • “Maja” write-down of SEK 92Profit before tax -23 68 45 131 million in Q2 2012(SEK million) * • Financial net increased due toProfit for the period -118 -31 -149 -116 fx effects and non-cash costs(SEK million)* related to amortization of debtEarnings 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

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 July4

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 2013Book Equity (SEK million) 3,064 2,994 3,270 >2,000Book Equity to 47% 43% 45% >40%Capital EmployedNet debt (SEK million) 3,503 3,803 3,982 N/A5

Production and sales in 2012 Average production per country (bopd)12000 Congo: Azurite EG: Aseng Tunisia: Didon & Onshore bopd Ytd 2012 Q2 2012 July 201210000 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 108120 106 109 production back in early June 120100 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 20126

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/17

Operations & Outlook Q1

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

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 company10

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 continues11

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

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 Acreage13

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

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

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

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-in17

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

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

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 projects20

Thank you!Q3 Report on 24 October 2012 Q1

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Pa Resources Q2 2012 Presentation

by PA Resources AB on Aug 15, 2012

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