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PA Resources Completes Divestment of North Sea Assets to Petrogas

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

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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.

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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 


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