PAR sells North Sea assets to Petrogas

Offshore staff

STOCKHOLM, Sweden PA Resources has signed an agreement to divest its portfolio of North Sea assets to Oman’s Petrogas E&P.

The sale includes the company’s 24% interest in license 12/06 in Denmark, which holds the Broder Tuck and Lille John discoveries, as well as its exploration licenses in the UK, Germany, and the Netherlands. The transaction, which is subject to regulatory approvals, is expected to close during 1Q 2016.

The proceeds from the sale will be used to repay creditors in accordance with the composition plan the company adopted in October 2015.

In November 2015, PA Resources announced that it planned to sell its assets and subsidiaries and delist from Nasdaq Sweden based on the findings from an internal review it conducted beginning in April 2015.

In the final days of 2015, the company detailed the reorganization, announcing that it would close its London office in 2015 and let go of that location’s staff. The London office was tasked with the management of the North Sea assets and group exploration activities. At that time, PA Resources said that its corporate headquarters would remain open but would operate with a reduced headcount to manage the completion of the sales process and handle the administration. Several of its executives and senior management team left at that time. 

In January, Nasdaq Stockholm approved the company’s application to delist.

02/09/2016

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