STOCKHOLM, Sweden--(BUSINESS WIRE)--Regulatory News:
PA Resources AB (“PA Resources”, the “Company”) has for the past months negotiated with its bondholders and its largest shareholder and creditor Gunvor Group with the aim of reaching a long term financing agreement.
Gunvor Group has today informed the company that it will not participate with new funding, in the form of equity or new loans, in the ongoing refinancing process. In addition Gunvor Group has also requested repayment of the amounts outstanding under the RBL facility (84 MUSD and accrued interest).
The company’s management and board of directors is currently assessing the situation and will revert with new information soon as possible.
Stockholm 7 April, 2015 PA Resources AB (publ)
PA Resources AB (publ) is an international oil and gas group which conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 603 million in 2014. The share is listed on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit www.paresources.se.
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 17:45 CET 7 April 2015.
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