PA Resources divests from Netherlands blocks Q7/Q10a

PA Resources

PA Resources has reached agreement to dispose of its 30% interest in Netherlands offshore blocks Q7 and Q10a to Tulip Oil, subject to regulatory approval. Tulip Oil will pay a consideration of £1 million (SEK 12 million) on completion of the transaction, with a further payment contingent on certain asset milestones being met.

PA Resources CEO Mark McAllister said that the company has exited from these non-core blocks consistent with its goal of focusing the company’s discretionary expenditure on assets with appreciable upside in the central North Sea, North Africa, and West Africa.

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