Atlantic Petroleum to Gain Foothold Offshore Norway
Atlantic Petroleum gains entry to Norwegian Continental Shelf energy exploration through acquisition of Emergy Exploration AS.
Atlantic Petroleum has issued a voluntary offer for 100% of the shares in Emergy Exploration AS, an independent, upstream oil and gas company focused on the Norwegian Continental Shelf.
The Offer for 100% of the shares in Emergy is USD 12.7 million to be paid in cash or a combination of cash and shares in P/F Atlantic Petroleum, of which 50% will be paid in cash upon acceptance of the Offer and 50% will be paid at the latest on 31st January 2013 in cash, shares or a combination of cash and shares. The offer has been pre-accepted by the holders of 90% of the Emergy shares.
Following the transaction, Emergy will change name to Atlantic Petroleum Norge AS with Emergy’s current CEO, Jonny Hesthammer, taking up the position as Managing Director.
The transaction is an important step in Atlantic Petroleum’s strategy of combining organic growth with targeted acquisitions and provides a solid base and organisation for accelerated growth through exploration on the NCS, which is a highly prolific and prospective hydrocarbon region with 2 of the world’s 5 largest discoveries over the last two years.
Ben Arabo, CEO of Atlantic Petroleum comments: “Numerous recent large and giant discoveries offshore Norway have demonstrated the significant potential in the region. The acquisition of Emergy initiates Atlantic Petroleum’s effort to tap into this potential. With this transaction we are not only gaining access to the Norwegian shelf, but we are also gaining an experienced team of professionals with a strong track record."