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Monday, 01 December, 2008, 23:50 GMT | more >>

PA rides high on profits surge



By Upstream staff 

Swedish producer PA Resources has reported a 311% increase in net profit for the 2007 compared to 2006.

Net profit came in at Skr947 million ($147 million) for the year, on the back revenues that stood at Skr 2.8 billion. This compared with a net profit of Skr231 million and revenue of Skr843 million in 2006.

PA also increased its profit margins from 35% in 2006 to 56% in 2007.

During the fourth quarter, PA earned revenue of Skr734 million compared to Skr169 million in 2006. Net profit was Skr261 million compared to Skr86 million in 2006, resulting in an increase in its profit margin from 35% to 64%.

Average production in 2007 increased from 5362 barrels of oil equivalent per day to 15,093 boed.

As of 31 December 2007 the company had reserves of 120.6 million boe compared to 106.1 million boe in 2006.

Total recoverable reserves on the Didon field in Tunisia increased by 4.8 million boe as a result of two new wells drilled in the year. The company also added extra reserves from its Azurite field in Congo-Brazzaville and the Ezzaouia field in Tunisia.


Wednesday, 13 February, 2008, 11:40 GMT  | last updated: Wednesday, 13 February, 2008, 11:51 GMT

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