PA Resources acquires exploration portfolio

PA Resources has signed an agreement to acquire the entire share capital of Scotsdale Ltd –a company with interesting exploration licenses in the United Kingdom and Denmark.

PA Resources AB has signed an agreement with the shareholders to acquire the entire share capital of the British oil exploration company Scotsdale Ltd. The company is focusing on low risk exploration in North West Europe. The acquisition means that PA Resources increases its presence in the North Sea with licenses in the United Kingdom and Denmark, and potentially also in the Netherlands.

Scotsdale has built a robust portfolio of acreage offshore in the United Kingdom and Denmark. The company operates a total of 10 licenses covering 16 blocks in the North Sea and is a joint venture partner in a license in the East Irish Sea. Eight of the licenses are situated in British waters and two block licenses at the Danish part of the North Sea.

In addition, Scotsdale has applied for acreage with existing discoveries offshore Netherlands. The unrisked resources for the Scotsdale share of the portfolio are appraised at approximately 270 Million barrels of oil equivalents.

The acquisition is subject to normal regulatory approvals.