PA Resources has penned a deal to acquire all the share capital, and with it all the exploration acreage, of Scotsdale Ltd., a company with interests in the United Kingdom and Denmark plus applications filed in the Netherlands for lots with discoveries.
The Sweden-based company operates 10 licenses (8 UK, 2 Denmark) covering 16 blocks in the North Sea and is a joint-venture partner in the East Irish Sea.
“Unrisked” Scotsdale reserves are said to total 270 million barrels of equivalent.
“The purchase price amounts to less than 1.5 percent of PA Resources total market cap,” a statement said.
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