Your account already exists. Please login first to continue managing your settings.
Atlantic Petroleum announced that the group has reached agreements to acquire equity in two separate licenses, subject to regulatory consent, both of which have wells proposed to spud within the next six months.
An agreement has been reached to acquire a 20% stake in P1610 on Block 13/23a and P1766 on Block 13/22d containing the Magnolia prospect in return for carrying a share of the cost of the initial exploration well. The equity was acquired from Summit Petroleum.
The Magnolia prospect is a Lower Cretaceous stratigraphic pinchout play. The licenses are located to the south and south east of the producing Captain field in the Moray Firth and are also close to the Blake and Ross fields.
A rig has been contracted by the operator Dana Petroleum and the well is expected to be spudd early next year.
A further agreement has been reached to acquire a 20% stake in P1100 on blocks 20/4a and 20/9a containing the Polecat discovery in return for carrying a share of the cost of an appraisal well. The equity was acquired from Nexen Petroleum U.K. Ltd.