Atlantic Petroleum entered commercial agreement to farm out 6% of its 15% ownership in license PL528 in the Ivory prospect located in the Norwegian Sea to Repsol. The deal is subject to government approval.
The Ivory prospect is gas prone with direct hydrocarbon indicator support and is near the Statoil-operated Aasta Hansteen field development, which is due to come on stream in 2017.
Joint venture partner, Rocksource, estimates that the license carries a pre-drill resource range of 55 to 306MMboe.
PL528 is sanctioned for drilling in the 2H 2014 using Seadrill’s West Navigator.
“We are pleased to enter into a commercial arrangement with Repsol on PL528. We are already working together with Repsol in PL704 and PL705 in the Norwegian Sea and are pleased to be able to expand the co-operation,” says Ben Arabo, Atlantic Petroleum CEO. “The area around Asta Hansteen is very important for Atlantic Petroleum and we are looking forward to further increasing our footprint in the area.”
Centrica is the operator of PL528 and holds a 40% interest. Joint venture partners include Statoil (35%), Rocksource (10%), Atlantic Petroleum (9%) and Repsol (6%).
Earlier this month, Repsol was cleared to drill offshore the Canary Islands. The company operates Blocks 1-9.
Repsol is also the operator of the recently awarded COL4 license in the Caribbean Sea with partners Statoil and ExxonMobil.
Image of the Ivory prospect from Atlantic Petroleum
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Repsol clear to drill off Canary Islands
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