PA Resources Completes Divestment of North Sea Assets

PA Resources AB has completed a transaction with Petrogas E&P to divest its portfolio of North Sea assets.

The deal is based on the sale of three entities of the group, namely PA Resources UK Limited, PA Resources North Sea Limited and PA Resources Denmark Aps, which hold the company’s 24 percent interest in license 12/06 in Denmark as well as its exploration licenses in the UK, Germany and the Netherlands. The payment for this transaction will be in tranches. PA Resources has received the first tranche and expects to receive the second tranche within four weeks.

Proceeds from the sale will be used to repay PA Resources’ creditors in accordance with the reorganisation plan adopted in October 2015. The company is currently still in discussions with a number of bidders for its Tunisian assets and expects to be in a position to provide an update soon.



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.

Related Companies
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
Contract Transfer Reviewer/ Approver (Land/Lease Contracts)
Expertise: Landman|Lease Analyst
Location: Houston, TX
 
Project Manager
Expertise: Project Management
Location: Pasadena, TX
 
Superintendent
Expertise: Construction Superintendent|Heavy Machinery Operator|Project Management
Location: Pittsburgh, PA
 
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