PA Resources divests from Netherlands Blocks Q7/Q10a
PA Resources has reached agreement to dispose of its 30 percent interest in Netherlands offshore Blocks Q7 and Q10a to Tulip Oil, subject to regulatory approval. Tulip Oil will pay a consideration of GBP 1 million (SEK 12 million) on completion of the transaction, with a further payment contingent on certain asset milestones being met. Reflecting only the firm consideration, the transaction results in a book loss of approximately SEK 19 million, which will be recorded in the fourth quarter.
– Consistent with focussing our discretionary expenditure on assets with appreciable upside in the central North Sea, North Africa and West Africa, we have exited from these non-core blocks and wish Tulip Oil every success in their future activities, says Mark McAllister, CEO of PA Resources.
Stockholm 10 November, 2014
PA Resources AB (publ)
For additional information, please contact:
André Strömgren, Head of Group Treasury & Investor Relations
Phone: +46 8 545 211 50
PA Resources AB (publ) is an international oil and gas group which conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 1,049 million in 2013. The share is listed on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit www.paresources.se.
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 08:30 am CET on 10 November 2014.