Gulf Oil and Gas accountACCOUNT

PA Resources Completes Divestment of North Sea Assets to Petrogas

Source: www.gulfoilandgas.com 3/24/2016, Location: Europe

Share |
PA Resources AB has completed the transaction with Petrogas E&P announced on 9 February, 2016 regarding the divestment of its portfolio of North Sea assets. The agreement 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 companyís 24% 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 is in tranches. PA Resources has received the first tranche and expects to receive the second tranche within four (4) weeks.

The proceeds from the sale will be used to repay creditors in accordance with the reorganisation plan adopted in October 2015. Only category A* (Reorganisation Note) and category B** creditors should expect to receive a payment.

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.

Acquisitions and Divestitures News in Sweden >>

Ireland >>  10/18/2017 - Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides an update on Licensing Option (LO) 16/27. Providence is pleased...
Canada >>  10/17/2017 - Tangle Creek Energy Ltd. (Tangle Creek) has closed an acquisition of assets primarily in the Waskahigan and Kaybob areas of Alberta. Included in the a...

Equatorial Guinea >>  10/17/2017 - The Ministry of Mines and Hydrocarbons, Ophir Energy and national oil company GEPetrol have signed a new production sharing contract (PSC) for Block E...
Italy >>  10/17/2017 - Saffron Energy, the AIM quoted European natural gas company, has been awarded a Production Concession for its Sant' Alberto gas field from the Italian...

Colombia >>  10/16/2017 - Frontera Energy Corporation (FEC) announces that it has signed an agreement to acquire the outstanding 36.36% ownership of Pacific Midstream Limited (...
Australia >>  10/13/2017 - Key Petroleum has announced that subsequent to the agreement of binding terms for the acquisition of AWE's 100% interest in Production Licence L7 (R1)...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Sweden Oil & Gas 1 >>  2 | 3 |

More News

 

Oil & Gas Companies in Sweden >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.