North West Europe-focused Atlantic Petroleum reported Friday that it has agreed a deal to farm out two-fifths of its stake in Norwegian production license PL528/528b to Spain's Repsol.
The deal will see Atlantic's interest in PL528/528b fall from 15 percent to nine percent. The agreement is subject to government approval.
Atlantic CEO Ben Arabo commented in a company statement:
"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. The area around Asta Hansteen is very important for Atlantic Petroleum and we are looking forward to further increasing our footprint in the area."
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