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PA Resources divests from Netherlands Blocks Q7/Q10a


Published Nov 11, 2014
PA Resources

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.

Tags: PA Resources




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