Presentation from the Anuual General Meeting and Q1 report

1. PA Resources – finding our niche
Mark McAllister, CEO
Annual General Meeting
April 2014

2. Today’s outline
2
Q1
>> FINANCIAL HIGHLIGHTS
Full-year 2013 and Q1 2014
>> 2013 PROGRESS
Refinancing, drilling success, farm-outs
>> REFINING THE BUSINESS MODEL
Building for a sustainable future
>> 2014 PRIORITIES
Development planning, appraisal drilling

3. Laying the
Foundations
• Short term finance
• New leadership
• Portfolio
rationalisation
A period of change – for long term success
Building the platform
• Exploration and Appraisal drilling
• Development Plans
• Project execution
• Focus on North Sea, North & West Africa
• Licence Round applications
• Review value enhancing M&A opportunities
• Medium term finance plan
Sustainable Future
• Increased and stable
production
• Projects funded from
cash flow

4. Improving financial reporting
 Board review of presentation format and accounting policies
 Resulted in new P&L format:
» Royalty in kind and tax oil no longer included as revenue.
» lower reported revenue
» lower costs
» unchanged net result
» No change in balance sheet or cash flow
 Reasons for the change:
» Better visibility of relevant costs and financial result
» Easier comparison with peer group
 Previous and new presentation of P&L in line with IFRS
4

5. Earnings and key ratios
5
Q1 2014 Q1 2013 FY 2013 FY 2012
Revenue (SEK million) 178 359 1,049 1,856
EBITDA (SEK million) 114 211 -494 1,185
Profit before tax
(SEK million)
-19 79 -1,439 -1,734
Profit for the period
(SEK million)
-48 34 -1,219 -1,966
Earnings per share
(SEK)
-0.43 1.57 -21.54 -1,006
COMMENTS
• REVENUE: decreased due to
lower production
• OIL PRICE: PA Resources
realised price of $108/barrel
equal to Brent average
• NET RESULT 2013 heavily
impacted of impairments and
write downs of SEK 1,127
million
5600
4800
4200
3600
3400
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
Production with 30% Didon Production with 100% Didon

6. Cash flow and investments
6
SEK million Q1 2014 Q1 2013 2013 2012
Cash flow from operations -52 -70 -379 838
Cash flow from investments -41 -58 -271 -255
Rights issue - 604 1,413 -
Loans raised - - 764 196
Amortisation of debt -94 -245 -1,182 -764
Cash flow from financing -94 359 995 -568
Net cash flow -187 231 345 15
255 271
41
0
50
100
150
200
250
300
2012 2013 2014
Actual Forecasted
200-250
Investments (MSEK)

7. Debt and equity
7
SEK million
31 March
2014
31 December
2013
31 December
2012
Total assets 5,330 5,460 6,439
Cash 216 403 58
Equity 1,753 1,795 1,590
Interest bearing debt 2,123 2,194 2,688
Other liabilities 1,454 1,471 2,161
Total Equity and
liabilities
5,330 5,460 6,439
COMMENTS
• CONVERTIBLE BOND: SEK 94 million
amortised in January 2014
• NEW WC FACILITY IN PLACE:
• $50 million
• Fixed rate of interest 7.5%
• Pledged assets in Tunisia

8. 8
2013 Summary
• Strengthened balance sheet and refinancing
• Two large new owners with outstanding industry expertise
• A highly experienced management team now in place
• Portfolio rationalisation
» Strategic farm-outs bring in strong partners and reduce risk and investment
» Azurite field closed and field abandonment commenced
DecNovOctSepAugJulJunMay
Tunisian
Farm-Out
Congo
Farm-Out
Azurite
Field
Closure
Denmark
Farm-Out
SEK 891m
Equity
SEK 750m
Bond

9. Three strategic Farm-outs
9
MPS
Congo
 Farmed out 60% to SOCO
 PAR retains 25% - a
significant upside
 SOCO will carry PAR share
of exploration costs
 An exploration well in the
remaining license period
 SOCO is an established
operator in Congo
 SOCO and PA AMI for
further activity
 Government approval of
transaction in early March
Zarat
Tunisia
 Farmed out 70% to EnQuest
 PAR retains 30% - in
production & development
 $249m (gross) consideration
including carry and contingent
payments
 EnQuest expert in mature field
extension and new
developments
 EnQuest and PA AMI for
further acquisitions
 Farmed out 40% to Dana
 PAR retains 24 % - a
significant upside
 $44m (gross) consideration
including appraisal and
development carry
 Financial strength of KNOC
behind Dana
 Dana operates nearby
licenses
 Also includes German
exploration acreage
 Dana joining PAR Danish 7th
Round bidding group
12/06
Denmark
Each operator is a technical and strategic fit for the respective licence.
Exploration Appraisal Production

10. Shaping the asset portfolio
10
Take out Greenland
Production
Exploration and development
• Core areas: North Sea, North Africa and West Africa
• Project execution – moving our assets further
• Plans of development in the coming months
Production
Appraisal
&
Development
Upside
Potential
• Tunisia Offshore: Didon
• Tunisia Onshore: DST
• Equatorial Guinea: Aseng & Alen
• Tunisia: Onshore exploration
• North Sea: Danish/German exploration
• Equatorial Guinea: Gas, exploration
• Congo: MPS exploration
• Tunisia: Zarat & Elyssa
• Equatorial Guinea: Diega
• Denmark: Broder Tuck & Lille John
• UK: Birgitta

11. Production
11
Take out Greenland
Production
Exploration and development
• Tunisia Offshore: Didon
• Tunisia Onshore: DST
• Equatorial Guinea: Aseng, Alen
• Closure of Azurite has reduced production
• Didon farm out reduces production short term
• Introduction of EnQuest as part of Didon
rehabiltation plans
• Aseng & Alen production on track
5600
4800
4200
3600
3400
0
2 000
4 000
6 000
8 000
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
Production with 30% Didon Production with 100% Didon

12. Preparing Didon for the long term
2017
First production
2013-2017
Development
1976
Discovery
1998
First Oil
1997
Concession
2006
Platform + 2 Wells
2008-2009
4 New Wells
2005
PA Acquisition
2011
Enhancement Study
• Produced 32 million barrels since 1998
• Platform and tanker in place
• 70 km offshore in 70m water depth
• Tanker was repaired and recertified in 2013
• EnQuest has been highly successful in
mature field rehabilitation at Thistle &
Heather
• Plan to install an Electric Submersible
Pump on one of three wells in 2014, first
ESP planned in April 2014
• Will follow up with new production well
• Further ESP installation and new wells
likely in following years
12
2014
ESPs

13. Appraisal and Development
13
Take out Greenland
Production
Exploration and development
• Tunisia: Zarat & Elyssa
• Equatorial Guinea: Diega
• Denmark: Broder Tuck & Lille John
• UK: Birgitta (22/19-1)
• Danish appraisal costs carried by Dana
• EnQuest part carry Zarat development
• Diega will be early tie-back to Aseng
• PA has 100% Birgitta for farm-down when
development option secured

14. Plan of development for the Zarat Field
1992
Discovery
2012
Draft POD
1995
Appraisal Well
2013
EnQuest Farm-Out
2005
PA Acquisition
1990
Permit Award
• Largest undeveloped discovery in Tunisia
with 120mmboe of oil and gas
• Active participation of ETAP to secure
early production and offset decline in
Tunisian gas production
• Development may need CO2
sequestration and gas recycling
• Local infrastructure can handle Zarat gas
• Commercially complex since unitisation
required with Joint Oil block
• POD using existing infrastructure in the
Gulf of Gabes is being prepared together
with ETAP, completion in mid-2014
• Unitisation and Unit Operating Agreement
in an advanced state of negotiation
14
2014
UUOA, UPOD

15. • Another significant gas accumulation
• Four well penetrations drilled to date
with one further appraisal well
scheduled for late 2014 or early 2015
• Straightforward development if
appraisal is successful
• Commercially simple with whole field in
PAR licence
• Local infrastructure with spare capacity
• Tunisian need for gas will ensure active
ETAP support once appraisal complete
1974
Discovery
2006/2007
Appraisal Well + ST
1992
Appraisal
Well
2010
New 3D Seismic
2013
Enquest Farm-Out
2005
PA Acquisition
15
Plan appraisal well on the Elyssa field
2015
Appraisal Well

16. Diega towards development
• Block I, Equatorial Guinea
» PAR 5.7%
» Noble Energy, operator
• Encouraging results
» Good reservoir quality, no water
» Consistent with upside case expectations
• Tie Back to the Aseng FPSO
• Development plan in 2014
• First oil in 2016
16
The Atwood Hunter drill rig and
the tanker that collected the oil.

17. 2006
6th license round
Awarded to Scotsdale
2011
Exploration well
2008
PA acquired
Scotsdale
2012
Discovery Evaluation
Report
2013
Dana Farm-out
• Gas field discovered by PA in 2011
• Estimated recovery 15-45 mmboe
• In shallow water and adjacent to
existing infrastructure
• Concept screening underway
• Good progress in discussions with
nearby host platform and an alternative
host is under active review
• Decision in 2014 on preferred
development concept or further
appraisal drilling
17
Commercialisation of Broder Tuck
2014
Pre-Development Evaluation

18. 2006
6th license round
Awarded to Scotsdale
2011
Exploration well
+ ST
2008
PA acquired
Scotsdale
2012
Discovery Evaluation
Report
Appraisal drilling at Lille John
• Oil field discovered by PA in 2011
• Estimated recovery ranges from
uneconomic up to 60mmstb
• Appraisal well required to confirm size of
structure and reservoir model
• Appraisal well planned in late 2014 and a
drilling rig has been secured
• Straightforward tieback to existing
infrastructure for oil export to Danish
mainland
• Will pursue this trend together with Dana in
Denmark and Germany
18
2013
Dana Farm-out
2014
Appraisal Well

19. Exploration
19
Take out Greenland
Production
Exploration and development
• Tunisia: Onshore permits
• North Sea: German block, Danish/UK rounds
• Equatorial Guinea: Block I potential
• Congo: MPS prospect
• Seismic planned for Tunisia
• Bid groups in place for Denmark/UK
• MPS drilling plans advancing

20. Identify drilling target at Mer Profonde Sud
• Abandonment on Azurite field
continues and is presently around
80% complete
• Murphy exited from remaining MPS
exploration licence
• MPS is a prospective exploration
block adjacent to and along trend from
several large fields
• Encouraging reprocessed 3D seismic
was basis for PA re-evaluation and
farm-out to SOCO
• Once transaction complete, plan to
drill RR prospect in 2014/2015
• Government approval of transaction in
early March, subject to regulatory
approval to enter into the third and
final period of the licence
2014
DL-23
2010-2011
3D Seismic
2002-2004
WO & Infill Drilling
20

21. Value Cycle
21
Low Cost
Access
Work Up
Value
Farm Down
Appraise and
Develop
Cash from
ProductionCore Skills:
• Subsurface Excellence
• Financial Management
• Commercial Acumen
Core Areas:
• North Sea,
• North Africa
• West Africa

22. Develop Current
Portfolio
M&A
Organic
Growth
Top
Team
Strong
Owners
Right
Operators
Development Planning
Maximise Asset Value
How we deliver value
Good
Assets

23. An experienced Management Team
23
Tomas Hedström
CFO
Stockholm
Kevin McGrory
General Counsel
London
Graham Goffey
SVP Exploration
MD West Africa
and North Sea
London
Paul Elstone
MD Tunisia
Tunis
Slimane Bouabbane
VP Business
Development
Stockholm
Mark McAllister
CEO
London

24. 2014 Key activities
24
- Confirm drilling target - Submit Diega POD - Install ESP
- Secure rig for exploration well - Commence development - Install additional ESP or drill well
- Plan seismic programme - Complete unitization agreement - Review DST fields
- Execute seismic programme - Submit Zarat POD - Identify enhancement opportunities
- Apply in UK 28 round - Plan appraisal well
- Apply in Danish 7 round - Develop and submit drilling plan
- Secure rig for appraisal well
- Develop and submit drilling plan
- Drill appraisal well
- Pre-Development evaluation
- Investigate export options
Production
Closing of 12/06 farm-out to Dana Closing of Tunisian farm-out to EnQuest
Exploration
MPS
Appraisal/Development
Closing of MPS farm-out to SOCO
Didon
Tunisian OnshoreZarat field
Elyssa field
Broder Tuck
Tunisia onshore
North Sea
Lille John
Block I
Birgitta

25. Laying the
Foundations
• Short term finance
• New leadership
• Portfolio
rationalisation
A period of change – for long term success
Building the platform
• Exploration and Appraisal drilling
• Development Plans
• Project execution
• Focus on North Sea, North & West Africa
• Licence Round applications
• Review value enhancing M&A opportunities
• Medium term finance plan
Sustainable Future
• Increased and stable
production
• Projects funded from
cash flow

26. Thank you