2011-04-29-2011-04-18

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
MM
Description

To acquire 10% stake in P.1556, block 29/1c in North Sea.

Atlantic Petroleum PF, Tórshavn, Faroe Islands, (Nasdaq OMX: FM-ATLA) plans to acquire a 10% stake in P.1556, block 29/1c containing the Orchid Prospect from Summit Petroleum Ltd., a subsidiary of Sumitomo Corp., in return for carrying a share of the cost of the initial exploration well.

The Orchid prospect is a four-way dip closure in the tertiary and chalk and is in the central North Sea surrounded by the producing Banff, Kyle, Bittern and Gannet fields. The Orchid prospect is close to acreage awarded to Atlantic Petroleum in the 26th round.

Summit, the operator, is currently seeking a semi-submersible rig to drill the prospect in the second half of this year.

"This is an important addition to our 2011 program," says Ben Arabo, chief executive officer of Atlantic. "We are pleased to join Summit in the central North Sea which is an area of growth for Atlantic Petroleum."