Atlantic Petroleum has entered into a farm-in option agreement with Rocksource ASA regarding the PL528 licence in the Norwegian Sea.
Through the farm-in option agreement, Atlantic Petroleum shall purchase five percent (5%) and has an option to purchase up to fifteen percent of the participating interest in PL528. Atlantic Petroleum shall within 28th April 2014 decide, in its sole discretion, the size of the participating interest to be acquired within the aforementioned 5 to 15 percent range.
Centrica is operator of the licence with an equity interest of 40%. Other licence partners are Statoil 35% and Rocksource 25% (pre-deal).