Petroleum Africa
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Tuesday, April 8, 2014
PA Resources is still waiting to see its farm down of its assets in Tunisia approved by the government. The company entered into an agreement in May of last year to sell a 70% interest in its offshore assets the Zarat Permit and the Didon Concession to EnQuest; however, the company says that the political situation in the North African country has delayed the ratification of the deal by Tunisian authorities.
Parliamentary approval of Avenant 5, which extends the Zarat license, is one of the key requirements to closing the sale. PA said that despite previous assurances from the Tunisian authorities that approval of Avenant 5 is imminent, it is becoming clear that a favorable decision is not certain in the short term.
PA believes that an early approval of Avenant 5 is in the best interest of Tunisia, especially as the company is working very closely with ETAP as PA’s Zarat partner to deliver a Plan of Development for the Zarat Field that will satisfy the needs of the Tunisian economy. The company is working hard together with the relevant authorities to expedite the approval process and will continue to explore all avenues to ensure the completion of the transaction and to realize the returns from the significant investments PA has made in these licenses over many years.
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