Sector News

PA Resources to sell oil and gas assets, CFO to depart

November 17, 2015
News

PA Resources said it will sell off all of its oil and gas assets as the company’s chief financial officer also revealed he will be leaving the firm.

The Swedish Independent said a review of the company’s strategic options had been up for review since April this year.

PA Resources said it had found no viable alternatives with regard to long-term financing or mergers and acquisitions.

It means the third alternative of selling some of its assets and subsidiaries is the “remaining option” according to a statement from the company.

A spokesman said the board of directors has asked management to pursue discussions with parties who have previously expressed an interest in acquiring its oil and gas assets.

The company plans to apply for delisting of its share from the Nasdaq Stockholm Exchange within the coming days.

PA Resources also said chief financial officer Tomas Hedstrom has resigned from his position with the company.

His new role is yet to be announced but in his departure, Urban Adolfson, head of group control and accounting, has been appointed in the role from December this year.

By Niamh Forrest

Source: Energy Voice

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

Send this to a friend