Oil & Gas Exploration and Production
PA Resources AB:PA resources says announces organisational and management changes.Says 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.Says the company's London office will close at the end of 2015, and the corporate headquarters in Stockholm will remain, but with reduced manpower.Says 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.
Cosmo Energy Holdings KK:To take over group company management business from its wholly owned subsidiary, effective on Jan. 1, 2016.
PA Resources AB:The Stockholm District Court adopts the composition plan and approves PA Resources' request for termination of the corporate reorganisation.
PA Resources AB:PA Resources AB has filed a petition with the Stockholm District Court to extend the corporate reorganisation with a further three months.
North Energy ASA:Announces further extensive cost cuts.Persistent difficult market conditions underlie decision to make further savings.Annual operating costs for company will thereby be reduced to about 10 million Norwegian crowns after tax, with programme taking virtually full effect from 2016.With a significant reduction in costs, limited future commitments and a reported cash position of 260 million crowns at June 30, North Energy is fully funded until further with current activity levels.New cost measures involve further downsizing and concentration of all activities in Oslo.This means that Tromsø and Stavanger offices will be closed.Approved cost cuts will have consequences for a number of employees.Continuing its process of assessing different strategic directions for company.Exploring a number of alternative strategic directions, these include possible mergers and amalgamation.
PA Resources AB:Says publishes reorganisation plan and request for composition proceedings.Says composition plan includes that creditors with claims of up to and including 100,000 Swedish crowns are entitled to receive full payment no later than March 26, 2016.Creditors with claims in excess of 100,000 crowns and without a bilateral agreement with the company are entitled to receive the amount of 100,000 crowns as well as an amount corresponding to 25 pct of their claim that exceeds 100,000 crowns by March 26, 2016.
K&O Energy Group Inc:To merge with its Chiba-based wholly owned subsidiary on Oct. 1.Says the subsidiary will be dissolved after the transaction.