Gunvor snatches E Guinea producing fields for PA debts

摘要

PA Resources has been forced to hand over its producing fields and assets in Equatorial Guinea to trading house Gunvor Group in order to repay its debts. Gunvor was the largest shareholder in PA which has been trying to reach a refinancing agreement with investors after being hit by the oil price drop, the Tunisian government's failure to approve a farm-down and a giant write off for its interest in Murphy Oil's failed Azurite project off Congo Brazzaville.