Atlantic set to exit Pegasus in North Sea

Offshore staff

TORSHAVN, Faroe Islands – Third Energy Offshore Ltd. has agreed to acquire Atlantic Petroleum’s interests in various licenses in the UK southern North Sea for £16.5 million ($25.4 million).

These are P1724 (block 43/13b, containing the Centrica-operated Pegasus West gas discovery), P1727 (blocks 43/17b and 43/18b), and P2128 (block 43/12).

Some of the payment is conditional on production from Pegasus West and further development in the blocks. 

The Pegasus West well (43/13b-7) was drilled in late 2014, testing gas at 91 MMcf/d (2.6 MMcm/d). The location is roughly 7 km (4.3 mi) southwest of the 43/13b-6Z Pegasus North discovery well. Both wells are close to the producing Cavendish field.

Rasik Valand, CEO of Third Energy, claimed the separate pools of gas that comprise the Greater Pegasus structure and additional undeveloped nearby discoveries could ultimately lead to the emergence of a major new gathering hub in this part of the southern North Sea.


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