Swedish oil firm PA Resources AB has completed the sale of its North Sea assets to Omani Petrogas E&P.
The transaction, announced in Ferbuary, means that Petrogas E&P has acquired PA Resources UK Limited, PA Resources North Sea Limited and PA Resources Denmark, which hold the company’s 24% interest in license 12/06 in Denmark as well as its exploration licenses in the UK, Germany and the Netherlands.
Petrogas E&P will pay for the transaction is in tranches. PA Resources has received the first tranche and expects to receive the second tranche within four weeks, the company said. The company did not reveal financial details of the transaction.
According to PA Resources, the proceeds from the sale will be used to repay creditors in accordance with the reorganisation plan adopted in October 2015, and only category A, and category B creditors should expect to receive a payment.
“The company is currently still in discussions with a number of bidders for its Tunisian assets and expects to be in a position to provide an update soon,” PA Resources said.