Atlantic transfers North Sea Orlando stake

Atlantic Petroleum has completed the sale of its 25% interest in the Orlando development in the UK northern North Sea to Decipher Energy.

Offshore staff

TORSHAVN, Faroe IslandsAtlantic Petroleumhas completed the sale of its 25% interest in the Orlando development in the UK northern North Sea to Decipher Energy.

The terms of the transaction include a 2% share of the total Orlando production revenue until the field has produced 5 MMbbl of oil.

Thereafter, Atlantic’s share of production revenue increases to 4.35%. The company will no longer participate in funding of the development, asubsea tieback to the Canadian Natural-operated Ninian complex.

According to a Competent Persons’ Report in 2015 by Gaffney Cline and Associates, the field holds 8.5-15.3 MMbbl recoverable. Initial production rates will likely be above 10,000 b/d.

05/15/2017

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