Brief: Atlantic Petroleum sells 10 pct share in Pegasus discovery to Third Energy

Atlantic Petroleum P/F

31/07/2015 15:19

July 31 (Reuters) - ATLANTIC PETROLEUM: 
    * Says its subsidiary Atlantic Petroleum UK Limited has 
completed on the 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) 
    * Third Energy has purchased Atlantic Petroleum's 10 pct 
working interests in the above licences for a total potential 
consideration of £16.5 million of which 
£7.5 million was paid on completion 
    * Remaining payments are conditional on production from 
Pegasus West and further development in the blocks 
    * The licences are operated by Centrica North Sea Gas which 
holds 55 percent equity 
    * Prior to the sale, Atlantic Petroleum held 10 percent 
equity with the remaining equity 35 percent held by Third Energy 
Offshore 
 
Further company coverage:  ATLA.CO  
 
 (Reporting By Oslo Newsroom)