PA Resources is committed to create value by developing prioritized assets into production and today announces a first important step by farming out 70 percent of its offshore assets and related undertakings in Tunisia to the reputable operator EnQuest. The new board of directors has initiated a review of the Company’s strategy, assets and financing.

Farm-out of 70 percent of interest in and operatorship of offshore oil producing Didon and the development stage Zarat in Tunisia

• Upfront cash consideration of USD 23 million • Additional cash payment of USD 93 million contingent on development of the Zarat field • Contingent payments of up to USD 133 million following successful project developments relating to achieving certain targets • PA Resources retains significant upside potential in the offshore assets through its remaining 30 percent interest and maintains its present interest in Tunisian onshore assets and producing DST fields • Farm-out leads to book loss of SEK 110 million

Tags: PA Resources