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Friday, 05 December, 2008, 17:10 GMT | more >>

PA Resources buys out UK junior



By Upstream staff 

Sweden’s PA Resources has signed an agreement to buy the entire share capital of UK-based Scotsdale, a move that will boost the company's presence in the North Sea.

PA did not give financial details but said the purchase price amounts to less than 1.5% of its total market cap.

Scotsdale operates a total of 10 licences covering 16 blocks in the North Sea and is a joint venture partner in a licence in the Irish Sea.

Eight of the licences are in UK waters and two in the Danish part of the North Sea.

Scotsdale has also applied for acreage with existing discoveries off the Netherlands.

The unrisked resources for the Scotsdale share of the licences have been appraised at about 270 million barrels of oil equivalent, PA said.


Thursday, 11 October, 2007, 07:26 GMT  | last updated: Thursday, 11 October, 2007, 07:57 GMT

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