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Last kr0.98 SEK
Change Today +0.13 / 15.29%
Volume 1.6M
PAR On Other Exchanges
As of 8:10 AM 05/27/15 All times are local (Market data is delayed by at least 15 minutes).

pa resources ab (PAR) Snapshot

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52 Week High
06/9/14 - kr7.60
52 Week Low
04/8/15 - kr0.40
Market Cap
Average Volume 10 Days
Shares Outstanding
Dividend Yield
Current Stock Chart for PA RESOURCES AB (PAR)

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pa resources ab (PAR) Details

PA Resources AB (publ) engages in the acquisition, exploration, extraction, and sale of oil and gas reserves in North Africa, West Africa, and the North Sea. The company has 21 oil and gas licenses, including 7 production licenses and 14 exploration licenses. As of December 31, 2014, it had proven and probable oil and gas reserves of 5.4 million barrels of oil equivalents, including proven reserves 3.7 million barrels of oil equivalents. The company was founded in 1994 and is headquartered in Stockholm, Sweden.

Founded in 1994

pa resources ab (PAR) Top Compensated Officers

No compensation data is available at this time for the top officers at this company.

Executives, Board Directors

pa resources ab (PAR) Key Developments

PA Resources AB Announces Board Changes

Jerome Schurink has decided to step down as director and chairman of the board in PA Resources AB as a result of taking up a new position based in Dubai. In the interim, until the upcoming annual general meeting, the board of directors have appointed Philippe Probst as the acting chairman.

PA Resources Announces Board to Continue with Corporate Reorganisation

PA Resources AB announced that its board of directors has decided to continue with the corporate reorganisation. Reportedly, this decision is in light of Gunvor Group's decision to withdraw its petition for bankruptcy of PA Resources AB, and together with the bondholders, lend its support to the reorganisation process. According to the company, the preliminary plan for reorganisation will be presented by the administrator to the creditor's meeting at the Stockholm District Court on 15 April 2015.

PA Resources AB (publ) Updates on Enforcement of RBL Security by Gunvor Group

PA Resources AB (publ) reported, further to the announcement of 7 April that its creditor and shareholder, Gunvor Group, has demanded repayment of amounts due under the company's reserve based lending facility (RBL), that the company has received notice that Gunvor has taken action to enforce its security under the RBL, being a pledge over the Company's shares in its subsidiary, Osborne Resources Limited (Osborne). In a release on April 8, 2015 the Company noted that Osborne owns interests in Equatorial Guinea, namely the producing Aseng and Alen fields, and the Block I exploration interest. The effect of this enforcement action is that Osborne is no longer a subsidiary of the Company and has become a subsidiary of Gunvor Group. The Company has been informed that as a result of the enforcement action, the liabilities of all borrowers under the RBL have been discharged, other than certain liabilities owed by Osborne to Gunvor Group which remain in place after the transfer of the shares. The receivers appointed by Gunvor Group in connection with the enforcement action have taken a call option over the shares in Osborne such that, if a bona fide and fully funded offer is made by any person for the shares in Osborne which, broadly, matches the consideration, $67 million, for the transfer of the shares to Gunvor Group, the receivers can call for the shares to be transferred to that person. This call option will expire on 7 May 2015. If the Company or any of its stakeholders were to make an offer for the shares in Osborne, such offer would also have to include a settlement of the outstanding amount, approximately $22 million, owed by Osborne to Gunvor Group under the RBL. As a result of the transaction Osborne will be deconsolidated from the Company per the 7 April 2015 and the Company's debt and accrued interest under the RBL will be considered repaid in full. According to preliminary calculations the transaction will result in a net gain to the company of approximately SEK 200 million. A more precise calculation of the financial effects will be presented in conjunction with the report for the first quarter 2015. The board of the Company is considering the implications of these actions taken by Gunvor Group and will provide a further update in due course.


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