According to Bayerngas Norge, the transaction will be formally closed with payment not later than January 7, 2009, said the agreement between PA Resources and the buyer. Financial consolidation for the buyer Bayerngas Norge will take place on January 1, 2009.
The company said that, this transaction will enhance the company’s position on the Norwegian Continental shelf by adding around 50 mmbl oil equivalents reserves and resources to the portfolio. Also the company will have its own production in Norway via the take-over of PA Resources’ 10% share in the Volve oilfield. The portfolio of licenses also represents future development opportunities for Bayerngas Norge including a 30% share in the Oselvar discovery and a 15% share in the Draupne discovery.
The acquisition will provide the basis for further growth in Norway and in the surrounding areas through the additional capacity and competence, claims the company.
Bayerngas Norge is an independent oil and gas company focusing on exploring for and producing gas in the North Sea and the Norwegian Sea.
