Atlantic stays afloat following loan

Offshore staff

TORSHAVN, Faroe IslandsAtlantic Petroleum has signed a secured convertible loan facility for up to £8 million ($12 million) with London Oil & Gas.

This should ensure the company has the funds it needs to keep going for the next three years as well as providing funds for expanding its portfolio.

Following the sale of its interest in the Centrica-operated Pegasus gas discovery in the UK North Sea, with contingent payments due, Atlantic is now free to pursue a commercial development solution for the Orlando and Kells fields in the UK northern North Sea after previous co-venturer Iona Energy was declared insolvent.

However, the company has been unable to resolve its default under the Chestnut oil field joint operating agreement and its interest there is now liable to forfeiture.


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