Atlantic Petroleum selger sitt heleide datterselskap Atlantic Petroleum Norge til M Vest Energy AS for kr. 1.-.
P/F Atlantic Petroleum announces that its fully owned subsidiary Atlantic Petroleum Norge AS (“APN”) has entered into a Sale and Purchase Agreement (“SPA”) with M Vest Energy AS for the sale of its Norwegian activities for the consideration of NOK 1.
The Norwegian activities in APN will be continued through M Vest Energy.
The Norwegian activities include all of APN’s assets and licenses, the liabilities of the licences, the employees and a cash balance of approx. NOK 19MM to be adjusted for costs and expenses from the date of the transaction, 1 January 2016, to closing.
CEO Ben Arabo comments:
-Following a formal sales process last year failing to solicit bids for the Company or parts thereof, Atlantic Petroleum has over the past months been reviewing a range of strategic alternatives and the sale of its Norwegian activities is a step in the process of trying to resolve the issues facing the group in the current oil & gas industry market conditions. We believe the transaction is in the best interest of all stakeholders of the Company and we are pleased that the activities in APN will be continued through M Vest Energy.