PA Resources Divests North Sea Assets

PA Resources AB announced Monday that it has signed an agreement to divest its portfolio of North Sea assets to Petrogas E&P.

The sale includes the company’s 24 percent 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. 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 a composition plan adopted in October 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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Japan's NYK Completes Acquisition of 2... (Sep 30)
 -  Keppel FELS Delivers Floatel Triumph, ... (Sep 30)
 -  Falcon Updates on Drilling Ops at Amun... (Sep 30)
 -  MISC's MaMPU1 to Commence Ops at Vesti... (Sep 30)
 -  Det Norske Completes Merger with BP No... (Sep 30)


Most Popular Articles

From the Career Center
Jobs that may interest you
Risk Analyst III
Expertise: Risk Management
Location: Houston, TX
 
Program Manager - Manufacturing
Expertise: Marine Engineering|Mechanical Engineering|Project Management
Location: Chesapeake, VA
 
Business Development Manager
Expertise: Business Development|Sales|Structural Engineering
Location: Seattle, WA
 
search for more jobs

Brent Crude Oil : $49.24/BBL 1.12%
Light Crude Oil : $47.83/BBL 1.65%
Natural Gas : $2.959/MMBtu 0.23%
Updated in last 24 hours