Sweden-based PA Resources reported that the company's wholly owned subsidiaries, PA Resources Tunisia, Hydrocarbures Tunisie Didon, Hydrocarbures Didon Jersey and Hydrocarbures Tunisie Corporation, have executed a sale and purchase agreement with ETAP, the Tunisian national oil company, to sell their entire license interests onshore and offshore Tunisia, to ETAP.
In March, the company completed the sale of its North Sea assets to Petrogas E&P. The sale included the company’s 24% interest in license 12/06 in Denmark, which holds the Broder Tuck and Lille John discoveries, as well as its exploration licenses in the UK, Germany and the Netherlands. The proceeds from the sale will be used to repay creditors in accordance with the composition plan adopted in October 2015.
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