Atlantic Petroleum Group has entered into a commercial agreement to farm out 6% of its 15% ownership in licence PL528/528B. This leaves Atlantic Petroleum with 9% ownership. The deal is subject to government approval.
Ben Arabo, CEO, commented, 'We are pleased to enter into a commercial arrangement with Repsol on PL528. We are already working together with Repsol in PL704 and PL705 in the Norwegian Sea and are pleased to be able to expand the co-operation. The area around Asta Hansteen is very important for Atlantic Petroleum and we are looking forward to further increasing our footprint in the area.'