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Tuesday, 02 December, 2008, 21:40 GMT | more >>

PA boosts stake in Didon



By Upstream staff 

Swedish oil and gas group PA Resources has agreed to purchase a 77.8% stake of the Didon oilfield and related assets off Tunisia from French company MP Zarat for $230 million.

The deal, which includes a minority stake in the Zarat exploration licence, will give PA Resources full control of the Didon field in which it already owns 22.2%.

The acquisition will also push the company's production up to about 10,000 barrels of oil equivalent per day and increase its proved and probable reserves up to 118 million boe, reported Reuters.

PA Resources' interest in the Zarat exploration licence will rise to at least 45%, with 55% retained by state-owned ETAP.

PA Resources will pay $45 million upon signing, $60 million by 18 August and the remaining part of the purchase price upon closure of the transaction.


Monday, 20 June, 2005, 08:19 GMT  | last updated: Monday, 20 June, 2005, 08:19 GMT

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