Swedish independent grumbles about slow process
In May 2013 PA Resources entered into an agreement to sell to EnQuest 70% interests in, and to transfer the operatorship of, the offshore assets in Tunisia which include the Zarat Permit and the Didon Concession. “Due to the political situation in the country the transaction is still be ratified by the Tunisian authorities”, the company says in a release.
EnQuest is a London and Nasdaq listed independent oil producer. “We are the largest UK independent oil producer in the UK North Sea”, the company claims on its website. This means that operatorship of Zarat permit and Didion Concession is being transferred to professional hands.
PA Resources says a key requirement to close the sale to EnQuest of an interest in the Zarat licence is Parliamentary approval of Avenant 5, extending the Zarat licence. “Despite previous assurances from the Tunisian authorities that approval of Avenant 5 is imminent it is becoming clear that a favourable decision is not certain in the short term”, the company grumbles.
PA Resources argues that “an early approval of Avenant 5 is in the best interest of Tunisia, especially as the company are working very closely with (state hydrocarbon company) ETAP as PA’s Zarat partner to deliver a Plan of Development for the Zarat Field that will satisfy the needs of the Tunisian economy”.