Atlantic Petroleum sells UK block stakes to Third Energy Offshore

Atlantic Petroleum sells UK block stakes to Third Energy Offshore

Oslo: Atlantic Petroleum has sold its interests in several offshore UK blocks to Third Energy Offshore for a total potential consideration of £16.5m ($25.2m).

Third Energy is buying Atlantic’s 10% working interests 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).

Ben Arabo, ceo of Atlantic Petroleum, commented: “The sale of the Pegasus discovery and its surrounding acreage is a part of our strategy to realise value at an early stage from our exploration successes. The proceeds from the sale will be used to strengthen our balance sheet during the current period of low oil prices. The price achieved clearly demonstrates the value of our exploration portfolio.”

Atlantic Petroleum was founded in 1998 and focuses on offshore exploration in the North Sea, Atlantic Margin and Norway.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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