PA Resources Raises $28.2M to Boost Tunisia Production

PA Resources AB has raised NOK175.4 million (US$28.2 million) in a directed new issue of 4,900,000 shares.

The company’s board has, based on its authorization from the ordinary general shareholder meeting of May 11, 2006, completed a directed equity issue of 4,900,000 shares in PA Resources AB.

The shares have been issued at a price of NOK35.80 (US$5.76) per share, NOK0.40 (6.44 cents) above closing market price. The transaction was conducted after the closing of the Oslo and Stockholm stock markets on July 26, 2006, and was directed at two financial investors who approached the company and expressed interest in buying into the stock following a recent road show.

The share issue has raised a total of NOK 175.4 million. Carnegie ASA acted as financial advisor in the private placement.

The proceeds from the offering will be used to accelerate the company’s production program in Tunisia. The development program in the Zarat permit, including the Elyssa field, will be accelerated and the FPSO operating on the Didon field will be upgraded.

Following this transaction the total number of shares in PA Resources AB will be 140,014,004.

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