Atlantic Petroleum farms-out 6% equity in PL528/528B

        Print
| Source: Atlantic Petroleum P/F
multilang-release

Tórshavn, Faroe Islands, 2014-08-22 12:33 CEST (GLOBE NEWSWIRE) -- Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that the Group has entered into a commercial agreement to farm out 6% of its 15% ownership in licence PL528/528B. This leaves Atlantic Petroleum with 9% ownership. The deal is subject to government approval.

Ben Arabo, CEO, commented.

“We are pleased to enter into a commercial arrangement with Repsol on PL528. We are already working together with Repsol in PL704 and PL705 in the Norwegian Sea and are pleased to be able to expand the co-operation. The area around Asta Hansteen is very important for Atlantic Petroleum and we are looking forward to further increasing our footprint in the area.”

 

Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P) Group focused on North West Europe. Atlantic Petroleum currently holds 45 oil and gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has three fields in production in the UK part of the North Sea. In addition to this, the Group has one field under development with first oil expected in 2016, two additional potential development projects and a substantial number of exploration prospects. Atlantic Petroleum participates in joint ventures with 30 reputable, international partners. Atlantic Petroleum’s main office is located in Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices in London, UK and Bergen, Norway. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.

 

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.33/2014

Issued 22-08-2014

         P/F Atlantic Petroleum
         Yviri við Strond 4
         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