AI assistant
Atlantic Petroleum P/F — M&A Activity 2017
May 15, 2017
8209_iss_2017-05-15_9d31619a-a71d-456d-bc3a-cda87584e9b9.html
M&A Activity
Open in viewerOpens in your device viewer
Atlantic Petroleum completes the sale of its 25% interest of UK P.1606 Orlando for cash and a share of the sale proceeds from future Orlando production
Atlantic Petroleum completes the sale of its 25% interest of UK P.1606 Orlando for cash and a share of the sale proceeds from future Orlando production
Tórshavn, Faroe Islands, 2017-05-15 08:45 CEST (GLOBE NEWSWIRE) --
Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA
NOK) announces that further to Announcement no. 4 issued 14th March 2017, it
has completed the Sale and Purchase Agreement with Decipher Energy for its 25%
interest in the Orlando development.
The consideration is a 2% revenue share of the total Orlando production revenue
until the field has produced 5 million barrels of oil. After that the revenue
share to Atlantic Petroleum increases to 4.35% of the total Orlando field
revenue.
USD 1MM of the initial 2% revenue has been prepaid to Atlantic Petroleum.
Atlantic Petroleum will no longer be participating in or funding the
development of Orlando, and the only involvement for the company will be
receiving its share of the sale proceeds when the field starts production.
According to the most recent Competent Persons? Report prepared for Atlantic
Petroleum by Gaffney Cline and Associates announced in March 2015, Orlando
holds between 8.5 and 15.3 million barrels of recoverable reserves. Initial
production rates on Orlando are expected to be in excess of 10.000 barrels per
day.
Ben Arabo, CEO of Atlantic Petroleum, said:
?We are very pleased to complete the agreement with Decipher Energy and we look
forward to the field commencing production. There is significant upside to
Atlantic Petroleum from the Orlando sales proceeds if the field performs as
expected or better."
Atlantic Petroleum in brief:
Atlantic Petroleum participates in oil and gas joint ventures with reputable,
international partners. Atlantic Petroleum P/F is based in Tórshavn, Faroe
Islands, and the Company currently has an office in London, UK. 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 550100
([email protected]). 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.11/2017
Issued 15-05-2017
P/F Atlantic Petroleum
Yviri við Strond 4
P.O. Box 1228
FO-110 Tórshavn
Faroe Islands
Telephone +44 203 879 0524
Website: www.petroleum.fo
E-mail: [email protected]