PA sparkles as Azurite deal sealed
Swedish explorer PA Resources has taken a 35% stake in the Mer Profund Sud
licence, which holds teh Azurite field, off Congo-Brazzaville, it said today.
PA said it formally closed the deal yesterday after obtaining regulatory
approval from the Congo-Brazzaville authorities.
The financial consolidation of the assets will take place from the beginning
of the second quarter.
Capital expenditures incurred during the period from the signing of the
agreement until closure will also be part of the settlement.
According to the development plan, the Azurite field will pump first oil in
the second quarter of next year.
22 April 2008 07:53 GMT
| last updated:
22 April 2008 07:53 GMT
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