PA Resources has inked a contract in order to sell its working interest in the oil producing fields of El Bibane and Ezzaouia in Tunisia. The company will sell those fields for USD 4.0 million.
The company has decided to sell its working interest of 23.9% and 13.6% in the El Bibane and Ezzaouia Fields in Tunisia, respectively. Candax Energy has purchased the assets. The subsidiary of Candax is the operator and partner in both the oil producing fields.
The company had produced around 100 barrels of oil per day from these two fields during the end of 2011. The company’s share of the proven and probable reserves at the two fields showed oil equivalents of around 0.5 M barrels on 31 December 2010.
According to PA Resources’ CEO and President, Bo Askvik, the sale of these two non-operated and small oil producing fields by the company is part of its current strategy to concentrate on its licenses and core fields.
PA Resources explores, expands and produces oil and gas assets. The company operates in Denmark, Tunisia, Equatorial Guinea, Germany, Greenland, Netherlands, Republic of Congo and United Kingdom. The company is producing oil in West Africa and North Africa. Its parent company is based in Sweden.
Source: http://www.paresources.se/