ATP sale could unlock ‘frozen’ North Sea projects

Offshore staff

LONDON -- The first scheduled US hearing concerning the sale of ATP Oil and Gas UK will take place on Dec. 19.

ATP UK operates various UK offshore production and exploration assets, including the undeveloped Blythe and Skipper licenses. Independent Oil and Gas (IOG) has 50% of these licenses.

According to IOG the proposed buyer has been identified in the US court papers as Alpha Petroleum (UK) Holdings, with Deloitte LLP managing the sale. Alpha is looking to retain the ATP UK management team to support the company’s business plan for its assets.

IOG CEO Mark Routh said: "Once the sale of ATP UK has concluded IOG will be able to proceed with the development and appraisal programs for Blythe and Skipper. We have met Alpha Petroleum and have high regard for both them and the ATP UK management team and subject to the relevant approvals being obtained for the sale of ATP UK, we look forward to working with them and progressing our joint assets as quickly as possible."

11/26/2013

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