Brief: Atlantic Petroleum sells Orlando for cash and share of sale proceeds

Atlantic Petroleum P/F

06/06/2016 07:13

June 6 (Reuters) - Atlantic Petroleum P/F  ATLA.CO  
    * Sells its 25 pct interest in Orlando development for cash and share of sale proceeds from 
Orlando production 
    * Consideration is less than 7 million Danish crowns ($1.07 million) in cash and a deferred 
consideration in form of a share of sale proceeds from Orlando production 
    * Sale and purchase agreement is contingent on Bridge Petroleum acquiring Iona UK Limited 
    * Says if field performs as expected and oil price recovers, there can be significant upside 
to Atlantic Petroleum from Orlando sales proceeds 
    * Has entered into a sale and purchase agreement with bridge petroleum  
 
Source text for Eikon:  ID:nCSE6mcq  
Further company coverage:  ATLA.CO  
 
($1 = 6.5591 Danish crowns) 
 
 (Gdynia Newsroom) 
 ((gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))