Third Energy Offshore

Third Energy Offshore signed a sale and purchase agreement worth USD 25 million to acquire Atlantic Petroleum’s 10% working interests in North Sea licenses P1724, P1727, and P2128. All licenses are operated by Centrica Energy, which holds 55% equity in each. Atlantic Petroleum holds 10% equity with the remaining 35% held by Third Energy. As of late last year, the Pegasus West discovery, which is located in P1724, produced approximately 91 MMscf/D of natural gas during tests.