Atlantic Petroleum Acquirers Licenses in Norwegian Sea

Atlantic Petroleum announced that Atlantic Petroleum Norge has acquired Ithaca Petroleum Norge’s 10% interest in production licenses PL601 and PL602 in the Norwegian Sea. The agreements are subject to government approval.

The transaction is a result of Atlantic’s strategic focus in this area. With the previously announced commercial agreement with Repsol Exploration Norge on PL528 and the increased exposure in PL602 and PL601, Atlantic Petroleum reduces risk while securing protection area surrounding PL528 where the Ivory well is expected to spud in September.

Ben Arabo, CEO, commented: “We are optimistic about the area surrounding the Asta Hansteen development. The approach we are taking is securing us a bigger portion of the potential upside in the area while limiting the downside risk.”