Atlantic aims to break deadlock on North Sea Orlando, Kells projects

Atlantic Petroleum has issued notices to Iona Energy Company (UK), which is in administration.

Nov 28th, 2016

Offshore staff

TORSHAVN, Faroe Islands --Atlantic Petroleum has issued notices to Iona Energy Company (UK), which is in administration.

These request special meetings of the Joint Operating Committees of UK northern North Sea licenses P.1606 and P.1607 (Orlando andKells) with a view to removing Iona as operator, to be replaced by Atlantic Petroleum North Sea.

Atlantic CEO Ben Arabo said: “We have been working constructively with interested parties to resolve the issues aroundOrlando and Kells since Iona went into administration, and had entered into a sale and purchase agreement on our 25% of Orlando.

“This agreement wasnot concluded because the counter party was unable to complete. We now think that the Orlando project needs to move forward with an active operator in line with the obligations to the UK government under the license, and we are taking steps to ensure that this will happen.

“The Orlando development is an attractive development opportunity and we are working with interested parties and our funders to deliver value from Orlando.”

Development involves a subseatieback to the Canadian Natural-operated Ninian complex.

11/28/2016

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