PA Resources AB (publ) carries out a fully underwritten rights issue

PA Resources AB (publ), an international oil and gas group with operations in Tunisia, United Kingdom, Denmark, Greenland, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville) and listed on NASDAQ OMX Stockholm and Oslo Stock Exchange, has decided to change its strategic focus towards an accelerated development of existing oil assets, leading to increased production in parallel with continued exploration to increase reserves and resources.

In connection therewith, it was also decided to strengthen the company’s financial position and reduce gearing by way of a rights issue of shares of approximately SEK 1.8 billion. The rights issue is fully underwritten by the former president and CEO of the Company, external guarantors and Carnegie Investment Bank AB (publ).

Carnegie Investment Bank, a leading independent investment bank with Nordic focus, is acting as financial advisor to PA Resources in connection with the rights issue.

Gernandt & Danielsson advises Carnegie Investment Bank through Manfred Löfvenhaft and Carl Westerberg, assisted by Leo Lee, Caroline Jägenstedt and Malin Persson.

Updated 11 June 2010