PA Resources has reached agreement to divest its 30 percent interest in Netherlands offshore Blocks Q7 and Q10a to Tulip Oil.
Tulip Oil will pay a consideration of GBP 1 million (SEK 12 million) on completion of the transaction, with a further payment contingent on certain asset milestones being met.
“Consistent with focusing our discretionary expenditure on assets with appreciable upside in the central North Sea, North Africa and West Africa, we have exited from these non-core blocks and wish Tulip Oil every success in their future activities,” says Mark McAllister, CEO of PA Resources.
PA Resources AB is an international oil and gas group which conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Netherlands and Germany.