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.
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