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
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