Oil and natural gas company PA Resources has signed an agreement to sell its working interest in two oil producing fields in Tunisia to Candax Energy.
The company will divest its 13.6% working interest in the Ezzaouia field and 23.9% interest in the El Bibane field for a total of about $4m.
These fields contributed about 100 barrels of oil per day of working interest production net to PA Resources in the end of 2011.
The transaction, which has an effective date of 1 January 2012, is subject to partner and government approval.
PA Resources president and CEO Bo Askvik said the divestment of the company’s interest in these non-operated fields is part of an ongoing effort to focus on the company’s core fields and licenses.