PA Resources Gets New CEO (Sweden)

The Board of Directors of PA Resources has decided with immediate effect to appoint Board member Philippe R Probst as the company’s CEO.

Bo Askvik is thereby leaving his position as CEO but will be available to the company for a number of months. Philippe R Probst will be CEO during an interim period and the Board intends to start immediately on the work of recruiting a permanent CEO. It is well known that PA Resources has been in a vulnerable financial situation for some time. The ownership structure changed during the spring and the company acquired an almost entirely new Board at the Annual General Meeting on 14 May.

The newly appointed Chairman of the Board, Sven A Olsson, comments: “With a new Board and a changed ownership structure, it is natural to also replace the CEO.”

Philippe R Probst, who has been appointed CEO, has many years of experience of the oil industry with a past which includes Exploration and Production Manager within the Shell Group as well as a position with the Swiss oil company Addax. He presently acts as advisor to companies mainly in Africa and the Middle East.

The new Board and CEO will work to create a long-term stable foundation for the continued operations of PA Resources.

As already announced, Tomas Hedström has been appointed as CFO of the company and took up his position on 2 May 2013.

[mappress]

Press Release, May 15, 2013