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Atlantic Petroleum defaults on Chestnut field


Published Feb 8, 2016
Atlantic Petroleum-3

P/F Atlantic Petroleum says that during the month of January, Atlantic Petroleum produced a net total of 23,000 barrels of oil equivalents (boe). The average daily production was 742 boe per day net to the Company. Atlantic Petroleum North Sea Limited is now in default on the Chestnut Field and is reviewing its options during the time period available to remedy the default.

Further to Atlantic Petroleum North Sea Limited's default on the Ettrick and Blackbird Fields announced 30th November 2015, Atlantic Petroleum North Sea Limited is now liable to having its interest in the Ettrick and Blackbird fields forfeited by the operator of these fields (acting on behalf of itself and its co-venturers) which if such forfeiture proceeds is subject to certain regulatory and contractual conditions.

Tags: Atlantic Petroleum




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