HOUSTON -- ATP Oil & Gas Corp. and its wholly owned subsidiary ATP Oil & Gas (UK) have entered into a $430 million sale and purchase agreement with EDF Production UK for some of ATP's UK North Sea assets.
Effective July 1, 2008, the agreement transfers 80% of ATP's UK interest in the Tors (68% working interest) and Wenlock (80% working interest) fields to EDF.
Additionally, EDF has an option to acquire ATP's remaining interests in the fields.
The sale, subject to UK regulatory approval, is expected to close before the end of 2008.
ATP UK will remain as operator of both fields, the company says.