New share issue in PA Resources (NO) — NOK 84 million

Carnegie acted as sole placing agent in the directed new share issue of four million shares in PA Resources. The shares were offered to new and existing Norwegian institutional and private investors. PA Resouces AB is a Swedish oil & gas company founded in 1994, with offices in Stockholm, Oslo and Tunis. PA Resources is an upstream company and operates in the first stage of the value chain: exploration and production.September, 2004.