PA Resources to farm out to EnQuest interests offshore Tunisia
PA Resources (STO:PAR) has agreed to farm out to EnQuest 70% of PA’s assets offshore Tunisia.
Total cost of the transaction to EnQuest beyond the initial $23 million depends upon ultimate reserves determination. The agreement is separated into two transactions with the Didon move to be completed in the second half of this year and the Zarat portion in 4Q 2013. Official approvals of the agreements are pending.
“With a 100% interest in Zarat and Didon, PA Resources was never in a position, nor intended to pursue this development without a partner,” said Philippe R. Probst, PA Resources CEO. “Partnering with EnQuest is an important step in realizing the value of the company’s assets.”