Gulf Oil and Gas accountACCOUNT

Atlantic Petroleum Provides Orlando Field Production Update

Source: www.gulfoilandgas.com 1/7/2021, Location: Europe

P/F Atlantic Petroleum (ATLA DKK) announces an Orlando field production update following the disclosure of production information from the Licence Operator under the terms of the associated Sale and Purchase Agreement (SPA) with Decipher Energy.

Orlando Field Production Update

The License Operator, Decipher Production, has advised Atlantic Petroleum that production from the UK Orlando field has re-commenced.

Prior to the shut in that commenced in April, Orlando production revenue reached the threshold for payment to Atlantic Petroleum to be received from Decipher Energy, and Atlantic Petroleum is now due to receive 2% of the gross revenue from the production as per the Orlando SPA of 2017.

Atlantic Petroleum has received the first monthly payment of the deferred consideration.

Orlando Overview

The Company has retained an economic interest in the Orlando Field; sold in 2017 to Decipher Energy. Under the Sale and Purchase Agreement, the Company, via Atlantic Petroleum North Sea Limited, is due to receive a deferred consideration of 2% of the sale proceeds of the first 5MM barrels of Orlando production, of which USD 1MM was pre-paid in 2017. After the first 5MM barrels have been produced on Orlando, Atlantic Petroleum North Sea Limited is due to receive 4.35% of the sale proceeds from Orlando production. Production from the Orlando field began on the 29th March 2019.

Mark Hojgaard CEO said:

"Getting production revenue from the Orlando field is an important milestone for Atlantic Petroleum. The cashflow will be instrumental in restructuring the debt and in being able to add new assets to our asset portfolio."

Atlantic Petroleum in brief:

Atlantic Petroleum participates in oil and gas joint ventures with reputable, international partners. Atlantic Petroleum P/F is based in Torshavn, Faroe Islands, and the Company currently has subsidiaries and offices in the UK. Atlantic Petroleum's shares are listed on NASDAQ OMX Copenhagen and on the Oslo Stock Exchange.

Production News in United Kingdom >>

Canada >>  3/3/2021 - - Annual sales volumes averaged 68,340 Boe/d (39% liquids) in 2020. Fourth quarter 2020 sales volumes averaged 73,460 Boe/d (42% liquids), ahead of gu...
Colombia >>  3/3/2021 - Parex Resources Inc. is a company headquartered in Calgary, Alberta that focuses on sustainable, profitable, conventional oil and gas production. The ...

Brazil >>  3/2/2021 - Alvopetro Energy Ltd. announces record daily average February sales volumes, updated results from our 183-1 deep basin Gomo natural gas well, and the ...
Colombia >>  3/2/2021 - Canacol Energy Ltd. is pleased to provide the following information concerning its February 2021 natural gas sales and drilling program. ...

United Kingdom >>  3/2/2021 - EnQuest has begun cessation of production activities on the Northern Producer floating production facility (FPF) at the Don fields in the North Sea.
Algeria >>  2/26/2021 - Neptune Energy announced operational and financial guidance for 2021, ahead of its full year 2020 results on 11 March. ...




United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.