North Sea Orlando on track for first oil

Atlantic Petroleum expects the Orlando field development in the UK northern North Sea to deliver first oil by the end of 2018.

Atlantic will receive a 2% revenue share from production until Orlando has produced five MMbbl, and 4.35% of the gross field revenue thereafter.

Development involves a subsea tieback to the Ninian complex.

In the central UK sector, production from the Nexen-operated Ettrick and Blackbird fields ceased on the 1^st June 2016, and decommissioning of the FPSO has started.

Atlantic and the field partners are discussing outstanding and ongoing liabilities with respect to the assets, and expect to reach an agreement by year-end.