Brief: Atlantic Petroleum sells oil stakes to Third Energy
07/05/2015 05:50
May 7 (Reuters) - Atlantic Petroleum P/F ATLA.CO
* Atlantic petroleum announces sale of pegasus discovery
* Signed a sale and purchase agreement with Third Energy
Offshore limited for sale of atlantic petroleum's interests in
p1724 (uk block 43/13b which contains pegasus west gas
discovery), p1727 (uk blocks 43/17b and 43/18b) and p2128 (block
43/12)
* Third energy will purchase atlantic petroleum's 10%
working interests in 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 blocks
* The proceeds from the sale will be used to strengthen
the balance sheet during the current period of low oil prices
Source text for Eikon: ID:
Further company coverage: ATLA.CO
(Reporting By Terje Solsvik)
((terje.solsvik@thomsonreuters.com;))
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