Scandoil  

Atlantic Petroleum signs agreement to sell Pegasus discovery


Published May 8, 2015
[an error occurred while processing this directive]

Edit page New page Hide edit links

Atlantic Petroleum-2

Atlantic Petroleum’s subsidiary Atlantic Petroleum UK Limited has signed a sale and purchase agreement with Third Energy Offshore Limited for the sale of Atlantic Petroleum's interests in P1724 (UK Block 43/13b which contains the Pegasus West Gas Discovery), P1727 (UK Blocks 43/17b and 43/18b) and P2128 (Block 43/12).

Under the sale and purchase agreement, Third Energy will purchase Atlantic Petroleum's 10% working interests in the above Licences for a total potential consideration of £16.5 million of which £7.5 million will be paid on completion. Remaining payments are conditional on production from Pegasus West and further development in the blocks.

The Pegasus West well (43/13b-7) was drilled and tested at a combined rate of 91 MMscfpd (million standard cubic feet per day) in late 2014. The well is approximately 7 km WSW of the 43/13b-6Z Pegasus North discovery well. Both wells are in P1724, close to the producing Cavendish Field. The licences are operated by Centrica North Sea Gas which holds 55% equity. Atlantic Petroleum holds 10% equity and the remaining equity 35% is held by Third Energy Offshore.

Tags: Atlantic Petroleum




Advertisment:

Comments on this page are closed.

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml