Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/pa-resources-divests-from-netherlands-blocks-q7q10.shtmlPA Resources divests from Netherlands Blocks Q7/Q10a
PA Resources has reached agreement to dispose of its 30 percent interest in Netherlands offshore Blocks Q7 and Q10a to Tulip Oil, subject to
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PA Resources has reached agreement to dispose of its 30 percent interest in Netherlands offshore Blocks Q7 and Q10a to Tulip Oil, subject to regulatory approval.
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.
Reflecting only the firm consideration, the transaction results in a book loss of approximately SEK 19 million, which will be recorded in the fourth quarter.
