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PL601 and PL602 located in the Norwegian Sea
Atlantic Petroleum (NASDAQ:ATLA) is pleased to announce that Atlantic Petroleum Norge has acquired Ithaca Petroleum Norge’s 10% interest in production licences PL601 and PL602 in the Norwegian Sea. The agreements are subject to government approval.
The transaction is a result of Atlantic’s strategic focus in this area. With the previously announced commercial agreement with Repsol Exploration Norge on PL528 and the increased exposure in PL602 and PL601, Atlantic Petroleum reduces risk while securing protection area surrounding PL528 where the Ivory well is expected to spud in September.
Ben Arabo, CEO, commented: “We are optimistic about the area surrounding the Asta Hansteen development. The approach we are taking is securing us a bigger portion of the potential upside in the area while limiting the downside risk.”
Atlantic Petroleum is a full cycle exploration and production (E&P) Group focused on North West Europe. Atlantic Petroleum currently holds 45 oil and gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has three fields in production in the UK part of the North Sea.
In addition to this, the Group has one field under development with first oil expected in 2016, two additional potential development projects and a substantial number of exploration prospects. Atlantic Petroleum participates in joint ventures with 30 reputable, international partners. Atlantic Petroleum’s main office is located in Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices in London, UK and Bergen, Norway. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.
