PA Resources To Divest Assets, Apply for Delisting

Stockholm-based PA Resources announced its intention to divest its oil and gas assets, adding it will also apply to delist its shares from the Nasdaq Stockholm exchange in the coming days. 

"The board of directors has found no viable alternatives with regards to long-term financing or M&A, leaving the third alternative, a sale of its assets and subsidiaries, as the company’s remaining option," the company wrote in a press release on Tuesday.  

The Swedish company explained that more information will be published once the delisting process has been initiated. 

The decision comes after the review of the company’s strategic options initiated by PA Resources’s board of directors in April 2015.

The current market conditions are taking their toll on other players as well.  

Norway-based seismic specialist TGS announced it will implement a cost reduction plan, which will result in the loss of up to 130 jobs.