PA Resources formally completes the acquisition in Congo

Source: www.gulfoilandgas.com 4/22/2008, Location: Africa

PA Resources AB formally closed the transaction relating to the previously announced acquisition of 35 percent in the license Mer Profond Sud including the Azurite field situated offshore the Republic of Congo (Brazzaville). This was possible since the required regulatory approvals were achieved by the Congolese Authorities.

Financial consolidation of the assets will take place as from the beginning of the second quarter 2008.

Capital expenditures incurred during the period from the signing of the agreement until closure will also be, as earlier communicated, part of the settlement for PA Resources’ 35 percent share of Mer Profond Sud.

According to the development plan, the Azurite field will commence production of oil in the second quarter of 2009.


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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 

Related Articles: 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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