Atlantic exits Pegasus, considers further North Sea sales

Offshore staff

LONDON – Third Energy Offshore has completed acquisition of Atlantic Petroleum’s 10% interests in license P1724 in the UK southern North Sea for £16.5 million ($25.7 million).

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

The Pegasus West well (43/13b-7) tested 91 MMcf/d (2.6 MMcm/d) in late 2014. It is around 7 km (4.3 mi) southwest of the 43/13b-6Z Pegasus North discovery well and close to the producing Cavendish field.

Rasik Valand, CEO of Third Energy, said: “With our partners Centrica, we are making excellent progress on the development options for commercializing the existing discoveries and plans for further appraisal of the greater Pegasus area.”

Atlantic, based in Tórshavn, the Faroe Islands, has launched a strategic review that could lead to a sale or merger of the company, or a sale or joint venture concerning its other interests in more than 30 licenses offshore the UK, Norway, and Ireland.

These include the Iona Energy-operated Orlando field development in the UK northern North Sea.

Currently, Atlantic is not financed for its planned activities in 2016, and needs to raise funds via asset sales, new equity financing, or debt financing.

08/03/2015

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