Atlantic Petroleum completes Pegasus deal

Atlantic Petroleum’s subsidiary, Atlantic Petroleum UK Limited, has completed the sale and purchase agreement with Third Energy Offshore Limited for the sale of its interests in three licences located in the UK North Sea. 

In May 2015, the two companies signed a sale and purchase agreement for the sale of Atlantic Petroleum’s interest in P1724 (UK Block 43/13b which contains the Pegasus West Gas Discovery), P1727 (UK Blocks 43/17b and 43/18b) and P2128 (Block 43/12).

Third Energy has purchased Atlantic Petroleum’s 10% working interests in the above Licences for a total potential consideration of £16.5 million ($25.8 million) of which £7.5 million ($11.7 million) was paid on completion. Remaining payments are conditional on production from Pegasus West and further development in the blocks.

The Pegasus West well (43/13b-7) was drilled and tested at a combined rate of 91 MMscfpd (million standard cubic feet per day) in late 2014. The well is approximately 7 km WSW of the 43/13b-6Z Pegasus North discovery well. Both wells are in P1724, close to the producing Cavendish Field. The licences are operated by Centrica North Sea Gas which holds 55% equity. Prior to the sale, Atlantic Petroleum held 10% equity with the remaining equity 35% held by Third Energy Offshore.

CEO Ben Arabo comments: “We are very pleased to announce the completion of the Pegasus deal. This strengthens our balance sheet during the current period of low oil prices and demonstrates the value of our exploration portfolio.”

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 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 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply