Atlantic Petroleum has signed a deal with Third Energy Offshore for the sale of its interests in the a number of blocks including P1724 which contains the Pegasus West Gas Discovery.
The company said its subsidiary, Atlantic Petroleum UK, has also sold off its shares in blocks 43/17b and 43/18b and P2128.
As part of the sale agreement, Third Energy will purchase Atlantic Petroleum’s 10% working interests in the licences for a total potential consideration of £16.5million of which £7.5million will be paid on completion.
Chief executive Ben Arabo said: “The sale of the Pegasus discovery and its surrounding acreage is a part of our strategy to realise value at an early stage from our exploration successes.
“The proceeds from the sale will be used to strengthen our balance sheet during the current period of low oil prices. The price achieved clearly demonstrates the value of our exploration portfolio.”
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