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.
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