TORSHAVN, Faroe Islands – Atlantic 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.