PA Resources Closes the Didon Transaction

Source: www.gulfoilandgas.com 7/14/2014, Location: Africa

PA Resources transferred ownership of 70 percent of its interest in the Didon concession to EnQuest on July 11 2014. The cash consideration of USD 23 million, with an interim period adjustment from 1 January 2013, is in escrow pending a positive response from the Tunisian authorities, expected no later than in the fourth quarter of 2014. EnQuest will assume responsibility for Didon operations in accordance with transitional arrangements to assure a seamless handover. The Zarat transaction is still pending.

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

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