According to ATP Oil and Gas, the agreement transfers 80% of ATP’s UK interest in its Tors and Wenlock properties to EDF, efffective July 1, 2008.
In addition to this transaction, EDF has a later option for a period of 60 days to acquire the remaining ATP interests on terms similar to the original transaction. Pending the decision by EDF for the remaining 20%, ATP UK will remain as operator of both Tors and Wenlock, said the company.
Paul Bulmahn, chairman and CEO of ATP Oil & Gas, said: “We are pleased to have EDF as a partner in our North Sea production and development program.
“ATP will use 75% of the net proceeds from this transaction to reduce its debt. In addition, ATP will use the remaining proceeds to further its 2008 and 2009 development program and for other corporate purposes.”
ATP Oil & Gas is an international offshore oil and gas development and production company with operations in the Gulf of Mexico and the North Sea.
