Maersk agrees to cede Perth stake in North Sea

DEO Petroleum and partners Atlantic Petroleum and Faroe Petroleum have agreed to assume Maersk Oil’s 19.11% interest in the Perth field in the central North Sea.

Offshore staff

ABERDEEN, UK – DEO Petroleum and partners Atlantic Petroleum and Faroe Petroleum have agreed to assume Maersk Oil’s 19.11% interest in the Perth field in the central North Sea.

David Marshall, CEO of DEO, said: “Having submitted a field development plan for Perth at the end of September, we are actively engaged with the various regulatory authorities to secure the necessary consents to proceed with our development plans.

“As indicated in a prior announcement the consent process is estimated to take around six months. Meanwhile we are in advanced stages of discussions with contractors for our preferred development solution.”

Post-completion, the Perth field equities will be as follows:

Company                                       Equity Before          Equity After
DEO Petroleum U.K. Ltd             42.08334%             52.03029%
Atlantic Petroleum UK Ltd          10.79904%             13.35154%
Maersk Oil UK Ltd                       19.11762%             0%
Faroe Petroleum (U.K.) Ltd       28%                         34.61817%


11/18/2011

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