ATP Oil & Gas (UK) Limited confirm the previously announced acquisition of its shares by Alpha Petroleum (UK) Holdings Limited is scheduled to complete on Monday 10th February. The Department of Energy and Climate Change ('DECC') has confirmed in writing that conditional on completion of that acquisition the Skipper and Blythe licences, which are held jointly with Independent Oil and Gas Plc ("IOG"), will be extended by 18 months.
ATP UK and IOG both wish to progress the appraisal of the Skipper discovery expeditiously. Following technical evaluation, assisted by AGR Well Management, the co-venturers have agreed that a well spud date in summer 2014 may be achieved without compromise to safety, timing or the technical objectives for the well. This timing is subject to funding, and shareholder approval, for the co-venturers and rig availability.