PA Resources Divests Interests in 2 Tunisian Fields

PA Resources has signed an agreement to divest its working interest in the Ezzaouia and El Bibane oil producing fields in Tunisia for $4 million (equivalent to approximately SEK 27.5 million).

The oil and gas group PA Resources has agreed to divest its 13.6 percent working interest in the Ezzaouia Field and 23.9 percent working interest in the El Bibane Field, both located in Tunisia, for $4 million (prior to closing adjustments). The assets are acquired by Candax Energy Inc., whose subsidiary is a partner as well operator in both fields. The transaction has an effective date of 1st January 2012 and is subject to partner and government approval.

The two fields contributed approximately 100 barrels of oil per day of working interest production net to PA Resources in the end of 2011. PA Resources share of the Proven and probable reserves (2P) at the fields represented approximately 0.5 million barrels of oil equivalents as at 31 December 2010.

"The divestment of PA Resources’ interest in these two small and non-operated fields is part of the ongoing effort to focus on our core fields and licenses," says Bo Askvik, President and CEO at PA Resources.


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