P/F Atlantic Petroleum reports increased equity in the Blackbird Field. Dana Petroleum Plc (now a wholly owned subsidiary of Korea National Oil Company) has elected not to participate in the development of the Blackbird Field in UK Block 20/2a. The remaining partners Nexen, as operator, and Atlantic Petroleum have decided to develop Blackbird on a sole risk basis and the Dana equity of 12% in the field will be taken up by Nexen and Atlantic Petroleum on a pro rata basis.

Atlantic Petroleum's equity in Blackbird will increase by 1.12773% from 8.27% to 9.39773%.

Ben Arabo, CEO commented, 'We are very pleased to take up more equity in Blackbird. The equity increase adds to Atlantic Petroleum's reserves and increases near term production. Blackbird is an attractive project to Atlantic Petroleum, and we believe there is a potential for a significant upside on the field.'

Tags: Atlantic Petroleum