Approvals for the Atlantis gas development project in the Arabian Gulf are needed in order to close the proposed transaction between Petroleum Geo-Services (PGS) and China National Chemical Import and Export Corp. (Sinochem). Although the two companies continue to work toward a closing, the proposed sale to Sinochem has not been finalized. Under the most recent extension agreement, PGS cannot terminate the current agreement with Sinochem until June 28. Sinochem, however, can terminate the transaction at any point from May 27. If the transaction is terminated, PGS plans to immediately make an announcement and continue to develop the properties until another buyer makes an offer.
