PA Resources in North Sea assets disposal
- Business & Finance
Swedish oil company PA Resources has signed an agreement to divest its portfolio of North Sea assets to Petrogas E&P.
The sale includes the company’s 24% interest in license 12/06 in Denmark, which holds the Broder Tuck and Lille John discoveries, as well as its exploration licenses in the UK, Germany and the Netherlands.
According to the company, the transaction, which is subject to regulatory approvals, is expected to close during the first quarter of 2016. The proceeds from the sale will be used to repay creditors in accordance with the composition plan adopted in October 2015.
To remind, PA Resources in November 2015 announced it would sell its assets and subsidiaries, appoint new CFO, and delist from Nasdaq Stockholm exchange. During the following month, the company announced it would reduce its headcount and close its London office which was tasked with the management of the North Sea assets and group exploration activities by the end of 2015.
Petrogas E&P is a privately held international oil and gas group headquartered in Oman and with operations in the Middle-east, Africa and Europe.