PA Resources signed an agreement to divest its portfolio of North Sea assets to Petrogas E&P.
The sale includes 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 transaction, which is subject to regulatory approvals, is expected to close during Q1 2016.
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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