Equatorial Guinea: PA Resources’ assets transferred to Gunvor

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.