First oil from the Orlando field in the North Sea should be achieved before the end of March, a former project partner said.
Atlantic Petroleum, a Faroese oil and gas exploration and production firm with interests in UK, Irish and Norwegian waters, said yesterday it was heading back to profitability after losses in 2016.
Atlantic Petroleum said today it had completed the sale of a 25% stake in the Orlando oil field north-east of Shetland to North Sea newcomer Decipher Energy.
Former energy minister Charles Hendry has landed a new job as deputy chairman of Atlantic Petroleum.
North Sea start-up Decipher Energy has confirmed a deal to buy up North Sea assets out of administration.
Atlantic Petroleum’s boss said yesterday that the firm would “never say never” to investing in the UK North Sea in future, despite pressing ahead with plans to exit the basin.
Atlantic Petroleum’s boss said today that the company planned to make a “new start” after losses narrowed significantly in 2016.
North Sea independent Decipher Energy has struck a deal to buy a 25% stake in the Orlando oil field north-east of Shetland.
Faroe-based Atlantic Petroleum has struck a deal to sell its take in the North Sea Orlando licence to a former boss at First Oil for $1million (£822,300).
Iona Energy’s administrators hope to complete the sale of the defunct company’s shares by the end of January 2017.
Atlantic Petroleum’s boss said yesterday that lower contractor costs and rising oil prices had boosted the prospects of the North Sea Orlando field.
Atlantic Petroleum has been chosen to operate the North Sea Orlando and Kells licences, which are 75% owned by now-defunct Iona Energy.
Atlantic Petroleum has appointed a former Fairfield Energy chief exec as a candidate for its board of directors.
Atlantic Petroleum said it has been advised by Bridge Petroleum that it is unable to complete the the transaction for a 25% share of the North Sea Orlando asset.
Aberdeen-based Parkmead Group has “tonnes of firepower” left for acquisitions after doubling its stakes in two North Sea fields, the oil and gas firm’s boss said yesterday.
Atlantic Petroleum said it has entered into a sale and purchase agreement with Bridge Petroleum for its 24% interest in the Orlando development.
A Faroese oil and gas explorer which has struggled under the weight of low oil prices plans to offload its entire UK North Sea portfolio. Atlantic Petroleum chief executive Ben Arabo said yesterday that while the basin is “not dead”, the company sees better opportunities further afield. Mr Arabo said the firm would switch its attention to projects in Eastern Europe and Eurasia, adding that a newly-agreed loan facility would keep the business afloat.
Atlantic Petroleum's boss said the company needed cash to stay afloat as the as the company reported a net loss of of £59.4million (DKK564million) in the last year and revealed headcount had fallen by 85%.
Atlantic Petroleum said the company will not be paying a debt instalment to Eik Bank in the Faroe Islands this month. The company said the the amount of DKK19.55mm on its DKK58.5MM debt will not be met.
Atlantic Petroleum has warned that it still faces the prospect of going bust if a solution cannot be found following the collapse of Iona Energy and the North Sea Orlando field prospect.
The boss of defunct oil junior, Iona Energy, said he remained hopeful a buyer can be found for the Orlando oilfield in the North Sea, despite a deal that would have saved the company falling through at the last hurdle.
Oil and gas firm Atlantic Petroleum has postponed its financial results and hired an investment bank to find it a new backer as its partner on a North Sea field dices with bankruptcy. Faroe-Islands-based Atlantic has a 25% stake in the Orlando Field, located north-east of Shetland, which was expected to start producing by the end of 2016.
North Sea oil company Iona Energy is facing insolvency after a proposed restructuring deal fell through.
Iona Energy, the North Sea-focused oil & gas company, has had amendments to proposed restructuring plan approved at a meeting by bondholders today.
Atlantic Petroleum said during the last month it produced more than 30,000 barrels of oil equivalent from the Chestnut, Ettrick and Blackbird fields. The company said production in September had been impacted by the shut down in the Chestnut field due to planned scale squeeze operations.