The sale is subject to government consents, but PAR does not anticipate any issues given that ETAP is the buyer.
Earlier, PAR divested its North Sea assets to Petrogas E&P.
The agreement is based on the sale of PA Resources UK and PA Resources Denmark Aps, which holds the company’s 24% interest in license 12/06 offshore Denmark and its exploration licenses in the UK, Germany, and Dutch sectors.
PAR is using proceeds from the sale to repay its creditors.
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