On Sunday night Gunvor Group informed the company that it had filed an application for bankruptcy of PA Resources AB. The company has not yet been officially notified by Stockholm District Court. Due to the ongoing corporate reorganisation, the application is not expected to have any immediate impact on the company.

As Gunvor Group has informed the company that it may be willing to withdraw the application, the company is currently seeking clarification from Gunvor Group on its intentions and any conditions it may seek to impose. The company is also in discussions with the bondholders regarding their willingness to fund the company in the short term.

The board of directors in PA Resources will meet on Wednesday morning April 15 to further assess the situation and the meeting with creditors at Stockholm District Court will take place in the afternoon of the same day. At this meeting the administrator of the reconstruction process will present his views on the next steps in the reconstruction process.

About PA Resources

PA Resources AB (publ) is an international oil and gas group which conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United Kingdom, Denmark, Netherlands and Germany. PA Resources is producing oil in West Africa and North Africa. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 603 million in 2014. The share is listed on the NASDAQ OMX in Stockholm, Sweden.

About Gunvor

Founded in 2000, Gunvor Group has grown from being a European niche player in oil trading to one of the world’s largest independent commodity trading companies by turnover, providing integrated trading products and logistics services for participants in the worldwide oil and energy markets.