Atlantic in talks to sustain two North Sea projects

Offshore staff

TORSHAVN, Faroe Islands – Financially straitened North Sea independent Atlantic Petroleum has secured a potential lifeline.

The company has entered into heads of terms with London Oil and Gas (LOG), under which LOG is prepared to inject funds and assets worth at least £8 million ($11 million) into Atlantic by June 24.

During the intervening period, Atlantic has committed to exclude other parties from discussions.

Simon Hume-Kendall, CEO of the London Group and LOG, said: “Atlantic Petroleum’s Orlando and Kells [in the UK northern North Sea] assets are expected to have a high value when the market conditions improve, and given the right terms, we are keen to gain an interest in those assets.

“If the transaction succeeds, London Oil and Gas looks forward to work with Atlantic Petroleum’s management and board to review the company’s strategy and explore the potential for expansion, including geographical, of Atlantic Petroleum’s activities in line with the areas of business of the London Group.”

03/28/2016

Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...