PA Resources divests North Sea assets to Petrogas
STOCKHOLM, Sweden -- PA Resources has signed an agreement to divest its portfolio of North Sea assets to 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 the first quarter of 2016.
The proceeds from the sale will be used to repay creditors, PA Resources said in a statement.
