1. Building Trust Among Investors Thank you Gunnar Eckbo and congratulation with introducing the price on Iceland. Rabbe Lund Chairman of a Swedish/ Norwegian oil company, board member world leading geosciences company and an Oil service company.

2. Building Trust Among Investors Trust not an easy concept (eg shipowner story) Trust: One in which confidence is placed (Webster)

3. Building Trust Among Investors Investors : Different types requires different treatment. Examples: INC,TGS, PA

4. Building Trust Among Investors PA Resouces AB Oil and gas company founded 1994 Listed Norway and Stockholm, >8000 shareholders Market cap. almost 1000 mill USD Winner on Oslo Børs the last three years Focused independant, innovative, international E&P company Objective: Deliver Profit and Growth

5. Company assets and locations of operation Equatorial Guinea: - 2 exploration assets Tunisia: - 6 producing fields - 2 discoveries - 4 exploration assets Norway: - 1 development project - 1 exploration and discovery - 8 exploration licenses

7. Field development - Norway Volve Operator Statoil (49,6%), PAR (10,0%). Production from 3 wells through a drilling& processing platform (jack-up rig) with a capacity of 80 000 bbls/d liquid. The processed oil is stored in a FSO. Expected peak production ca 50 000 bbls/d. Production start Q2-2007 Recoverable reserves ca 70 MBOE as per PDO 2005.

8. Development of the company - Production history, 1998 - 2005

9. Production forecast Avarage production per day, BOE/day

10. Strengths and opportunities –Strong Reserve Base - Not dependant on exploration success to grow production –As one of the largest oil producers in Tunisia, we have a solid platform for further expansion in the region –In-house knowledge and competence –Large industrial network - Strong deal flow –An increasingly strong cash flow –Access to capital markets

11. Building Trust Among Investors Experiences: Create interest in the company Be visible and invest a lot of time in road shows and IR, Let the president talk. Get profiled investors and at least several finance houses to follow the stock. Use the finance houses that serve you well Get highly financially competent board members with power in the financial market

12. Building Trust Among Investors Get board members with serious investment in the company and willingness to invest in new issues Board and managment must develop clear objectives and strategies together and communicate it. Guide intelligently Follow Corporate Governance Face the brutal facts

13. Building Trust Among Investors Use the media, internet, shareholder presentations each quarter. Make good presentations, quarterly and annual reports Meet investors in person -trust is a feeling Few investors buy and hold -you need to meet potential investors all the time. Professional investors/fund is short term driven. You have to feed them all the time. Target the prefered investor composition as you move along If you may grow out of your current corporate advisors capacity, target the next level in time so capital can be raised fast if a golden opportunity present itself.

14. Building Trust Among Investors Build brick on brick Always make new issues at higher level than the previous Have good capital structure and sufficient funds for a rainy day Show that you follow your strategy, maintain financial control, have great ideas, act on it and create value Your trust building is a key issue for the Board – develop an alert list.

15. Building Trust Among Investors Conclusion: You can fool investors once, but to build a company you need their continuous support. Then you need to earn their trust by creating shareholder value as you move along THE ONLY WAY TO DO THAT IS TO PERFORME AND DELIVER WHAT YOU PROMISE