PA Resources AB has today published its 2014 annual report with a modified
auditors’ opinion. While the auditors recommend that the Board of Directors and
the Managing Director be discharged from liability for the financial year they
do not express an opinion on the financial statements. As a result the auditors
can also not provide any recommendation to the annual meeting regarding the
adoption of the income statement and balance sheet of the parent company and the
group.
The reason for the modified auditors’ opinion are the significant uncertainties
relating to the company’s ability to continue as a going concern. The auditors
point to the company’s need to secure long-term financing to provide the group
with the necessary capital, the board’s strategic review of the continued
operation of PA Resources and the Tunisian government’s still pending approval
of an extension of the Zarat license as the key uncertainties. The auditors
state that they have been unable to obtain sufficient appropriate audit evidence
to confirm or dismiss these uncertainties and thus provide a basis for an audit
opinion.
It is the view of the board of directors that it has acted in accordance with
IFRS when approving the financial accounts on a going concern basis to which the
auditors are in agreement. The auditors’ opinion should also consider if there
is sufficient and appropriate audit evidence, as defined by the International
Standards of Auditing (ISA) that supports the going concern assumption and thus
has resulted in the modified opinion.
Stockholm 24 June, 2015
PA Resources AB (publ)
For additional information, please contact:
Tomas Hedström, Chief Financial Officer
Phone: +46 8 545 211 50
E-mail: ir@paresources.se
PA Resources AB (publ) is an international oil and gas group which conducts
exploration, development and production of oil and gas assets. The Group
operates in Tunisia, Republic of Congo (Brazzaville), United Kingdom, Denmark,
Netherlands and Germany. PA Resources has oil production in Tunisia. The parent
company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK
603 million in 2014. The share is listed on the NASDAQ OMX in Stockholm, Sweden.
For additional information, please visit www.paresources.se.
The above information has been made public in accordance with the Securities
Market Act and/or the Financial Instruments Trading Act. The information was
published at 08:40 CET 24 June 2015.
