EnQuest offshore Tunisia farm-in still to be ratified
April 7, 2014
PA Resources (PAR) is still awaiting ratification from Tunisia’s government for an offshore farm-out that was agreed to last May.
Offshore staff
STOCKHOLM, Sweden – PA Resources (PAR) is still awaiting ratification from Tunisia’s government for an offshore farm-out that was agreed to last May.
The companyagreed to sell 70% operating interests of its assets to EnQuest including the Zarat permit and the Didon concession. However, approval has yet to come through due to the country’s political situation.
One main requirement to close the sale to EnQuest of the Zarat interest is parliamentary approval for Avenant 5, which would extend the Zarat license. However, PAR says that despite previous assurances from the Tunisian authorities that approval is imminent, nothing appears likely to happen in the short term.
PAR believes early approval would be in the country’s best interest as the company is working closely with state-owned ETAP to deliver a plan of development for theZarat field that would boost the Tunisian economy.
PAR says it will continue to try to expedite the approval process and will explore all means of completing the transaction.
