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Oslo, 2 5 April 2005

Oslo, 2 5 April 2005. Styrekultur i en børsvinner Forbedring av styrearbeidet. PA Resources AB. Key information Swedish oil & gas company founded in 1994. 15,9 million of outstanding shares. Current market value exceeding 1000 mill. NOK.

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Oslo, 2 5 April 2005

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  1. Oslo, 25 April 2005 Styrekultur i en børsvinner Forbedring av styrearbeidet

  2. PA Resources AB Key information • Swedish oil & gas company founded in 1994. • 15,9 million of outstanding shares. • Current market value exceeding 1000 mill. NOK. • Listed at the Oslo Stock Exchange (OSE) and Nordic Growth Market (NGM). • Major shareholders includes Datum AS, Bertil Lindquist and Ulrik Jansson, approx. 41%. • Approximately 1700 shareholders. • The current operational activities are located in Tunisia and Equatorial Guinea.

  3. PA Resources AB Vision & Mission • The Company’s vision is to be: • Focused, Independent, Innovative, International, Nordic based, E&P Company • To deliver Growth and Profit. • The Company’s mission is to: • Primarily seek opportunities in fields were major and larger oil and gas producing companies are withdrawing, i.e. “tail-end” production.

  4. Organisation and management PA Resources AB Board of Directors Rabbe Lund (Chairman) Niklas Adler, Kjetil Grønskag, Jan Haudemann-Andersen, Harald Arnet and Ulrik Jansson Ulrik Jansson Managing Director & President Gunilla Olson Chief Accountant & Administration Officer Hydrocarbures Tunisia Corporation Jean Louis Remondin Managing Director HTC PA Resources Norway AS Trond Bjerkan / Ole Wiborg Vice President / CFO Ali Gaaya Exploration Manager Hedi Ayadi CFO HTC Naceur Souisse Operation & Reservoir Manager

  5. Highlights 2004 Summary • Record breaking production in second half of 2004. • Improved financial result after tax by 123%. • Increased company portfolio with the acquisition of Soco Tunisia. • 700 km of new 3D seismic acquired in Zarat. • Continued success within the DST project. 2 additional well completed. • Successful well and increased production at Ezzaouia field.

  6. Styrekultur i en børsvinner Styrekultur i PA Resources AB • Eierstyrt med klare mål • Entreprenør preget med finansforståelse • Fokusert, sten på sten kultur • Tett på aktivitet og informasjon • Hyppige styremøter • Styreleder nøytral (olje og HR bakgrunn) • Kompetanser og roller kartlagt • Godt nettverk, intuisjon og beslutningskraft • Trives i lag og legger vekt på det! • Liten administrasjon - styret mer operativt og proaktivt enn vanlig • Lav kost kultur i alle ledd • Nettverkstankegang • AD også stor eier og styremedlem • Risikoradar utviklet

  7. Styrekultur i en børsvinner Utfordringer • ”Jumping the curve” • Bygge opp nettverk selskapet • Styret og leder overgangen til det mye større selskapet • Investor, børs, analytiker og media betjening • Beholde PA’s styrke

  8. Styrekultur i en børsvinner ”Jumping the curve” eksempel • Utfordring: • Definere den nye kurven • Skifte til ny dominerende tenkning • Ri begge kurvene samtidig • Statoil fremtid • Privatisert • Internasjonalt fokus • Integrert • Gassfokus • Kursdrevet • M & A • Statoil tidligere • Oppström • Statsselskap • Forvaltning • Norsk fokus • Olje • Kaos sone • Frykt • Usikkerhet • Tvil 1972 2000- 2003 200?

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