Petroleum Africa
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Wednesday, November 18, 2015
The review of its strategic options launched by PA Resources in April resulted in three options being explored; the availability of long-term financing for the group, a corporate transaction/M&A, or a sale of assets or subsidiaries. An internal project office was set up to run the process and the necessary documentation and materials in the form of investment memorandums, presentations and virtual data rooms were prepared. During the process a significant number of companies have been contacted which includes financial institutions, oil and gas companies, and other potential investors.
As the review process has reached its conclusion, the Board of Directors has found no viable alternatives with regards to long-term financing or M&A, leaving the third alternative, a sale of its assets and subsidiaries, as the company’s remaining option. The board of directors has consequently asked the management to pursue discussions with parties who have expressed an interest in acquiring PA Resources’ oil and gas assets. The company holds assets in Tunisia, ROC, UK, Denmark, The Netherlands, and Germany.
Following the Board of Directors’ decision to pursue the sale of the company’s assets, it is the company’s intention to apply for delisting of its shares from the Nasdaq Stockholm exchange in the coming days. The decision to delist the company’s shares is required by the agreements signed with its major creditors as part of the corporate reorganization.
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