As a result of the board’s decision announced on the 17 November 2015 to sell
all of PA Resources’ assets, it has decided to reduce the company’s corporate
organisation in order to reduce cost. The company’s cost reduction efforts will
entail several organisational and management changes.
The company’s London office, which is tasked with the management of the North
Sea assets and group exploration activities, will close at the end of 2015, and
all the staff relating to these activities will leave the company. The corporate
headquarters in Stockholm will remain but with reduced manpower to manage the
completion of the sales process and handle the administration.
Kevin McGrory, General Counsel, and Graham Goffey, SVP for Exploration and MD
for the North Sea and West Africa, whose employment ends at the end of 2015 have
been retained, together with a number of other key staff, as consultants to
support the sales process.
At PA Resources’ Stockholm office, Slimane Bouabbane, VP Business Development,
will leave his position during the first quarter of 2016, and Urban Adolfson,
acting CFO, will leave the company on the 11 March 2016 to take up a position at
another company. Mark McAllister, CEO, and Paul Elstone, MD of PA Resources in
Tunisia, will remain in their positions.
Stockholm 28 December, 2015
PA Resources AB (publ)
For additional information, please contact:
Petter Hjertstedt, Investor Relations
Phone: +46 8 545 211 50
E-mail: ir@paresources.se
The above information has been made public in accordance with the Securities
Market Act and/or the Financial Instruments Trading Act. The information was
published at 08:30 CET 28 December 2015.
