PA Resources AB has completed a transaction with Petrogas E&P regarding the divestment of PA Resources’ portfolio of North Sea assets.
The agreement is based on the sale of three entities of the group, namely PA Resources UK Ltd., PA Resources North Sea Ltd., and PA Resources Denmark Aps, which hold the company’s 24% interest in license 12/06 in Denmark, along with its exploration licenses in the UK, Germany, and the Netherlands.
The payment for this transaction is in tranches. PA Resources has received the first tranche and expects to receive the second tranche within four weeks. Proceeds from the sale will be used to repay certain creditors in accordance with the reorganization plan adopted in October 2015.
PA Resources is currently still in discussions with a number of bidders for its Tunisian assets and expects to be in a position to provide an update soon.