PA Resources offloads North Africa, North Sea E&P interests
PA Resources’ subsidiaries have executed a sale and purchase agreement with Tunisian national oil company ETAP covering their entire interests offshore and onshore Tunisia.
The sale is subject to government consents, but PAR does not anticipate any issues given that ETAP is the buyer.
Earlier, PAR divested its North Sea assets toPetrogas E&P.
The agreement is based on the sale of PA Resources UK and PA Resources Denmark Aps, which holds the company’s 24% interest in license 12/06 offshore Denmark and its exploration licenses in the UK, Germany, and Dutch sectors.
PAR is using proceeds from the sale to repay its creditors.
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