Oil and gas exploration firm Atlantic Petroleum has boosted its exploration and appraisal programme by taking stakes in two North Sea blocks.
Atlantic, based in Faroe, said today it was to take 20% of a licence in the Moray Firth containing the Magnolia prospect from Summit Petroleum in return for paying a share of an initial exploration well.
Operator Dana Petroleum is expected to start drilling a well on the prospect early next year.
Atlantic has also agreed a deal to take a 20% stake in a licence containing the Polecat discovery off operator Nexen Petroleum, in return for paying a share of the cost of an appraisal well scheduled for this November.
Ben Arabo, Atlantic chief executive, said: “With the addition of Polecat and Magnolia to the exploration and appraisal programme, Atlantic Petroleum will be participating in at least five exploration and appraisal wells in the UK North Sea and the Faroes over a 12-month period, making the group one of the most active players in the area.
“The addition of the Magnolia and Polecat wells is another milestone in expanding Atlantic Petroleum’s exploration and appraisal efforts to achieve a step change growth in shareholder value.”