Atlantic to Farm-In to Orchid Prospect
Atlantic Petroleum has reached an agreement to acquire a 10% stake in P.1556, Block 29/1c containing the Orchid Prospect from Summit Petroleum in return for carrying a share of the cost of the initial exploration well.
The Orchid Prospect is a four-way dip closure in the Tertiary and Chalk and is located in the Central North Sea surrounded by the producing Banff, Kyle, Bittern and Gannet fields. The Orchid prospect is located close to acreage awarded to Atlantic Petroleum in the 26th Round.
Summit, the operator, is currently seeking a semi-submersible rig to drill the prospect in the second half of this year.
Ben Arabo, CEO, commented, "This is an important addition to our 2011 program. We are pleased to join Summit in the Central North Sea which is an area of growth for Atlantic Petroleum. We look forward to working with this new partner group on the Orchid project."