PA Resources staves off bankruptcy threat

摘要

London-PA Resources, the debt laden Swedish independent with interests in the North Sea and Africa, said Friday a corporate reorganization extension from a Stockholm court would protect it for now from becoming a victim of the oil price downturn. PA Resources’ distress illustrates the wider picture of a number of smaller Nordic energy companies that are very vulnerable to the current depressed pricing environment. An analyst with consultancy Wood Mackenzie has estimated that 15-20 companies operating on the Norwegian shelf, primarily exploration companies with no production base, are in danger of disappearing as their existing cash runs out and fresh funding becomes hard to secure.