Atlantic takes stake in licenses offshore mid-Norway

Atlantic Petroleum has acquired Ithaca Petroleum Norge’s 10% interest in two production licenses in the Norwegian Sea.

Offshore staff

TORSHAVN, Faroe Islands --Atlantic Petroleum (NASDAQ OMX:ATLA, Oslo:ATLA NOK) has acquired Ithaca Petroleum Norge’s 10% interest in two production licenses in the Norwegian Sea.

The agreements for PL601 and 602 are subject to approval by Norway’s government.

Atlantic has a strategic focus in this area, close to the Aasta Hansteen development. Previously the company announced an agreement with Repsol Exploration Norge on PL528, where the Ivory exploration well is due to spud this month.

9/1/14

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