Tórshavn, Faroe Islands, 2011-11-16 10:16 CET (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (OMX: FO-ATLA) is pleased to announce that its wholly owned subsidiary Atlantic Petroleum UK Limited, along with partners DEO U.K. Limited & Faroe Petroleum (U.K.) Limited, has agreed, subject to regulatory approvals, to assume Maersk Oil U.K. Limited’s 19.11% interest in the Perth field.
The Perth Field equities post-completion will be DEO Petroleum U.K. Limited 52.03029%, Faroe Petroleum (U.K) Limited 34.61817% and Atlantic Petroleum UK Limited 13.35154%
Ben Arabo, CEO commented:
“Atlantic Petroleum is very happy to have the opportunity to increase its equity in the project at this time. The field development plan for Perth was submitted to the authorities at the end of September and the operator, DEO is progressing the approval process which is expected to take about 6 months”
Further Details:
Further details can be obtained from Ben Arabo, CEO, tel +298 350100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.
On the website, it is also possible to sign up for the Company’s e-mail newsletter.
Announcement no. 44/2011
Issued 16-11-2011
P/F Atlantic Petroleum
Gongin 9
P.O. Box 1228
FO-110 Tórshavn
Faroe Islands
Telephone +298 350 100
Fax +298 350 101
Website: www.petroleum.fo
E-mail: petroleum@petroleum.fo