After reviewing several options, PA Resources AB’s board of directors has asked the company’s management to pursue talks with parties interested in acquiring its oil and gas assets, according to a news release.
The move followed a review, which began in April, of the company’s options concerning its future. Other options considered included the availability of long-term financing for the group and a corporate M&A transaction. The company said its board of directors found no viable alternatives with regard to long-term financing or M&A, leaving the third alternative, a sale of its assets and subsidiaries, as the company’s remaining option.
Following the board of directors’ decision, PA Resources said it intends 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.
In a separate news release, PA Resources said Tomas Hedström, who served as CFO, has resigned and will leave the company at year-end to take up a yet to be announced position at another company. Urban Adolfson, head of group control and accounting, has been appointed acting CFO, effective 1 December 2015.
PA Resources is an international oil and gas group which conducts exploration, development and production of oil and gas assets. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 603 million (US $68.9 million) in 2014, the release said.
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