Gunvor raises stake in PA Resources



Issue 264 - 25 Oct 2013 | 1 minute read

Swiss oil trader Gunvor Group has increased its stake in Sweden’s PA Resources to 49.96% from 9.9%, following a rights issue in Q3 which raised SEK891m ($140m). Lorito Holdings, owned by the Lundin family, now has 9.9%. PA Resources, which has acreage in Republic of Congo, Equatorial Guinea and Tunisia, as well as the North Sea, said this year it had run into financial difficulties. As part of a board and management shake-up, former Addax Petroleum new ventures manager Philippe Probst stepped in as interim chief executive in May, then Acorn Oil & Gas and Fairfield Energy founder Mark McAllister was appointed in September to replace him (AE 256/13).

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