P/F Atlantic Petroleum has relinquished UK Licence P1211 which consists of Blocks 14/9a & 14/14b, located in the UK. The licence contains the Anglesey prospect which was originally planned to be drilled in late 2008 or early 2009.

Commenting on the announcement, Wilhelm Petersen, Managing Director of P/F Atlantic Petroleum said, “Atlantic Petroleum's cost exposure related to the well was potentially significant. Hence, we have found it prudent not to continue in this licence. The relinquishment of the licence also fits very well with our short term strategy of postponing or reduce our overall exploration activities until actual exploration costs have been aligned with current oil price expectations following the present global economic turmoil.”

The licence was held by Granby Enterprises (operator), a wholly-owned subsidiary of Silverstone Energy Limited), (33.34%), Atlantic Petroleum (33.33%) and Fox Energy Exploration Limited (33.33)%.

Tags: Atlantic Petroleum