PA Resources AB recently agreed to sell its North Sea assets to Oman-based Petrogas E&P.
The assets, which make up 24 percent of PA Resources’ interest in license 12/06 based in Denmark, include the company’s exploration licenses for the UK, the Netherlands and Germany and the Broder Tuck and Lille John discoveries.
The transaction, which is subject to regulatory approvals, is estimated to officially close sometime during the first quarter.
Petrogas E&P is a privately held international oil and gas group. Even though its base is in Oman, it has operations around the world, including throughout Africa, the Middle East and Europe.
The two companies will both benefit from the agreement as PA Resources will be able to eliminate debt and Petrogas will gain further footholds in its worldwide business.