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Bridge Petroleum Fails to Complete Acquisition of Orlando Field Asset

Source: www.gulfoilandgas.com 11/17/2016, Location: Europe

Bridge Petroleum has advised Atlantic Petroleum that they are unable to complete the transaction under the SPA for 25% of the Orlando asset announced on the 6th June 2016. This means that Atlantic Petroleum retains its 25% equity in the Orlando asset until further notice. Atlantic Petroleum will approach the Iona UK administrators to discuss options.

Ben Arabo, CEO said:

“We and our funders, London Oil and Gas, see this as an opportunity to secure the Orlando asset either with another bidder or using the position under the Joint Operating Agreement to secure a better position for Atlantic Petroleum. We will update further when our Q3 accounts are issued 24th November.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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