Atlantic Petroleum gets LOG lifeline

Atlantic Petroleum entered into heads of terms with London Oil and Gas (LOG) to inject about US$11.4 million of funds and assets into Atlantic by 24 June 2016.

“Atlantic Petroleum's Orlando & Kells assets are expected to have a high value when the market conditions improve, and given the right terms, we are keen to gain an interest in those assets,” Simon Hume-Kendall, LOG CEO said. “If the transaction succeeds, London Oil and Gas looks forward to work with Atlantic Petroleum's management and board to review the company's strategy and explore the potential for expansion, including geographical, of Atlantic Petroleum's activities in line with the areas of business of The London Group.”

“Given the Groups current financial position, we think that a solution, as proposed, with London Oil and Gas is the best way forward for Atlantic Petroleum, and its stakeholders,” Ben Arabo, CEO of Atlantic Petroleum said.

 

Current News

Bonaparte CCS Project Awarded Major Project Status

Bonaparte CCS Project Awarded

Borr Drilling Announces CEO Succession Plan

Borr Drilling Announces CEO Su

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

One Shelf Drilling Rig Up for

Semco Maritime Gets Iberdrola’s Baltic Hub Substations Service Job

Semco Maritime Gets Iberdrola’

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine