PA seals Norway sell-off

摘要

PA Resources has cemented a deal to sell its Norwegian assets to Germany's Bayerngas.The sale includes interests in one production licence (Volve) and 11 exploration licences offshore Norway.The transaction was closed on 8 January following the required regulatory approvals by the Norwegian authorities. Bayerngas has paid US $220m on a cash and debt free basis for the assets. The sale of the Norwegian subsidiary includes all 23 personnel presently employed by PA Resources Norway.