Home » Business » PA Resources Sells Interests in Tunisian Oil Fields to Candax for $4 Million

PA Resources Sells Interests in Tunisian Oil Fields to Candax for $4 Million

A drilling platform in Tunisia. Image courtesy PA Resources

PA Resources has sold its interests in the Ezzaouia and El Bibane oil fields in Tunisia for a sum of around $4 million. The interests have been sold to Canadian company Candax Energy Inc as “part of the ongoing effort to focus on our core fields and licenses” according to Bo Askvik, President and CEO at PA Resources.

The two fields contributed approximately 100 barrels of oil per day to PA Resources’ overall oil haul, which includes production from Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Greenland, Netherlands and Germany.

The Swedish energy company had net sales of SEK 2,227 million during 2010. The divestment includes a 13.6% working interest in the Ezzaouia Field and 23.9% working interest in the El Bibane Field.

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