PA Resources farm-outs

Sweden’s PA Resources has farmed down a 70% stake in the offshore Didon and Zarat licences in Tunisia to Aberdeen-based EnQuest. PA Resources has been struggling financially for some time, and the sale will reduce the company’s share of future field development costs from an estimated $150m to $45m, enabling it to develop the Zarat field. EnQuest has assets in the UK North Sea and Malaysia, and the farm-in marks its first involvement in the African upstream.