Atlantic takes on UK gas interests

Atlantic Petroleum has agreed to acquire the entire issued share capital of UK-based Volantis Exploration.

Offshore staff

TóRSHAVN, Faroe Islands -- Atlantic Petroleum has agreed to acquire the entire issued share capital of UK-based Volantis Exploration.

Volantis has equity in 15 licenses in the UK southern North Sea, including the Centrica-operated gas discoveries Fulham and Pegasus. Centrica operates nine of the 15 Volantis assets.

In addition, Volantis has license applications outstanding in the UK and Dutch sectors.

Following the transaction, Atlantic Petroleum Group will participate with a 35% interest in an exploration well on the Foxtrot prospect in blocks 49/29e and 49/30b, operated by Tullow Oil. This is set to spud during the summer. Tullow farmed into this Volantis license earlier in the year.

Six members of Volantis Exploration’s team will join Atlantic Petroleum Group, including Managing Director Nigel Thorpe, who will become Business Development director of Atlantic Petroleum.

05/17/2011

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