Equatorial Guinea: PA Resources’ assets transferred to Gunvor
Issue 298
- 18 Apr 2015
| 1 minute read
PA Resources’ Equatorial Guinea subsidiary Osborne Resources has been transferred to the company’s largest shareholder Gunvor Group, after Gunvor sought repayment of sums due under its reserve based lending (RBL) facility. On 7 April, PA Resources said it had been told by Gunvor that it would not participate in the troubled company’s refinancing process and wanted repayment of the $84m plus accrued interest outstanding under the RBL facility. The RBL was secured by Osborne, which owns shares in the producing Aseng and Alen fields and exploration in Block I.
Don't have an account?
Register for access to our free content
An account also allows you to view selected free articles, set up news alerts,
search our African Energy Live Data power projects database and view project locations on our interactive map
Register