Atlantic Petroleum has completed the sale of its 25% interest of UK license P.1606 Orlando to Decipher Energy.
The Orlando project is a planned subsea tieback to the Ninian platform, operated by CNR International.
Atlantic will get a 2% revenue share of the total Orlando production revenue until the field has produced 5 MMbo. After that the revenue share to Atlantic Petroleum increases to 4.35% of the total Orlando field revenue.
According to the most recent Competent Persons’ Report prepared for Atlantic Petroleum by Gaffney Cline and Associates announced in March 2015, Orlando holds 8.5-15.3 MMbbl. Initial production rates on Orlando are expected to be in excess of 10,000 b/d.
Ben Arabo, CEO of Atlantic Petroleum, said: “We are very pleased to complete the agreement with Decipher Energy and we look forward to the field commencing production. There is significant upside to Atlantic Petroleum from the Orlando sales proceeds if the field performs as expected or better."
Decipher Energy was set up in September last year and is let by Brian Cameron and Steven Bowyer, who was previously managing director of North Sea independent First Oil and has also worked ay Senergy, Taqa and Talisman.
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