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Atlantic Petroleum Sells Orlando Field Interest to Bridge Petroleum

Source: www.gulfoilandgas.com 6/6/2016, Location: Europe

Atlantic Petroleum has entered into a Sale and Purchase Agreement with Bridge Petroleum for its 25% interest in the Orlando development. The consideration is a less than DKK 7MM in cash and a deferred consideration in the form of a share of the sale proceeds from the Orlando production. The Sale and Purchase Agreement is contingent on Bridge Petroleum acquiring Iona UK Limited.

When the transaction completes Atlantic Petroleum will not be participating in or funding the development of Orlando, and the only involvement for the company will be receiving its share of the sale proceeds when the field starts production.

Ben Arabo CEO said:

“We are very pleased with the agreement with Bridge Petroleum. The Orlando development is a good project and we are very glad to see that there are plans for it to be taken forward to production in 2017. We don’t expect any further write down on Orlando. If the field performs as expected and the oil price recovers, there can be significant upside to Atlantic Petroleum from the Orlando sales proceeds."

Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P) Group. Atlantic Petroleum participates in joint ventures with reputable, international partners. Atlantic Petroleum P/F is based in T?rshavn, Faroe Islands, and the Company has subsidiaries and offices in London, UK and Bergen, Norway. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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