Brief: Atlantic Petroleum to sells its 25 pct interest of Orlando

Atlantic Petroleum P/F

14/03/2017 15:12

March 14 (Reuters) - Atlantic Petroleum P/F  ATLA.CO : 
    * Sells its 25 percent interest of Orlando for cash and share of sale proceeds from future 
Orlando production 
    * Has entered into sale and purchase agreement with Decipher Energy for its 25 percent 
interest in Orlando development 
    * Consideration is 2 percent revenue share of total Orlando production revenue until field 
has produced 5 million barrels of oil 
    * After that, revenue share to Atlantic Petroleum increases to 4.35 percent of total Orlando 
field revenue 
    * $1 million of initial 2 percent revenue share is prepaid on completion of sale and 
purchase agreement 
 
     
Source text for Eikon:  ID:nCSE6Pdg  
     
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