The Oslo-listed shares are currently trading at $59.25, 2.6% higher than Wednesday's close, and down roughly 13% YTD. There are several surprising variables about this company, the initial being the lack of any discussion about it over the last year. Obviously, internationally-listed companies inherently garner less public attention than others for obvious reasons, but companies that have seen the amount of growth experienced since its 2002 IPO (1,400% at today's price: 3,000% at it's peak), usually get at least a little mention. Not to forget, a 3:1 split in November, 2005.
Reading the 2006-Year-in-Review Letter to Investors from PA's President Ulrik Jannson, several key things stood out. It's worth noting that crude was trading between $60 and $70 per bbl during 2006.
We more than tripled revenues and profit compared with 2005, due in large part to our acquisition of the remaining license shares in the Didon field in Tunisia. [italics my own]
At the beginning of 2006, we acquired shares in eight exploration permits on the Norwegian continental shelf. At the end of the year we also acquired the company ADECO Congo BVI Ltd, whose subsidiary ADECO Congo SA owns an 85 percent share in the Marine XIV block located offshore of the Republic of Congo (Brazzaville).
Oil production more than doubled in 2006. Production amounted to approximately 1,957,000 barrels of oil equivalents (BOE) during the year, compared with 822,000 BOE in 2005.PA Resources continues its growth, most recently with the acquisition of Scotsdale, Ltd. on 10 Oct. 2007. From a Rigzone.com article:
The unrisked resources for the Scotsdale share of the portfolio are appraised at approximately 270 Million barrels of oil equivalents.From the 1 Jan - 30 Jun, 2007 Financial Report (PDF), page 8, Production Forecast:
PA Resources’ forecast is that the company will produce approximately an average of 23,000 barrels of oil per day at the end of 2007 and approximately 25,000 barrels towards the end of 2008. During 2011, the company estimates that it will reach production levels of about 50,000 barrels of oil per day. This forecast does not include the new discovery in Equatorial Guinea. The increase in production is expected to come from Norway during 2007 and from Tunisia and Norway during 2008. [italics my own]Production Numbers:
2005: 822,000/bbl (realized)
2006: 1,957,000/bbl (realized)
2007: 8,395,000/bbl (expected)
2008: 9,125,000/bbl (expected)
2011: 18,250,000/bbl (expected)
Good international play? Yes.
