Swedish oil and gas company PA Resources will sell its assets and subsidiaries, appoint new CFO, and delist from Nasdaq Stockholm exchange.
The company in April started a review of the company’s strategic options with regards to the PA Resources’s future. The main options explored were: the availability of long-term financing for the group, a corporate transaction/M&A or a sale of assets or subsidiaries.
In a statement on Tuesday, the Swedish company said that following the review, a sale of assets and subsidiaries emerged as the company’s only option.
“The board of directors has consequently asked the management to pursue discussions with parties who have expressed an interest in acquiring PA Resources’ oil and gas assets,” PA Resources said.
PA Resources operates in Tunisia, Republic of Congo, UK, Denmark, Netherlands and Germany. The Stockholm-based company has oil production in Tunisia.
Delisting and New CFO
Following the board of directors’ decision to proceed with the asset sale PA Resources will for delisting of its shares from the Nasdaq Stockholm exchange “in the coming days.”
According to the company’s statement. The decision to delist the company’s shares is required by the agreements signed with its major creditors as part of the corporate reorganisation.
Also on Tuesday, PA Resources CFO, Tomas Hedström, resigned his position and will leave the company at year-end to take up a position at another company. Urban Adolfson, Head of Group Control and Accounting, has been appointed acting CFO effective 1 December.
Offshore Energy Today Staff