Offshore staff

TORSHAVN, Faroe Islands – Atlantic Petroleum expects the Orlando field development in the UK northern North Sea to deliver first oil by the end of 2018.

Atlantic will receive a 2% revenue share from production until Orlando has produced 5 MMbbl, and 4.35% of the gross field revenue thereafter.

Development involves a subsea tieback to the Ninian complex.

In the central UK sector, production from the Nexen-operatedEttrick and Blackbird fields ceased on June 1, 2016, and decommissioning of the FPSO has started.

Atlantic and the field partners are discussing outstanding and ongoing liabilities with respect to the assets, and expect to reach an agreement by year-end.

12/01/2017