Atlantic forfeits oil license and performs devaluation

“It’s disappointing that we weren’t able to develop the Marten field this time around, but the event won’t impact our expectations for the year as a whole,” says CEO Ben Arabo.

Photo: Conocophillips

Atlantic Petroleum and the company’s partners have forfeited the rights to a British oil license. As a consequence of this decision, the Atlantic Petroleum performs a devaluation of USD 2.3 million in 2012.

The forfeited license is P.1407, which includes the Marten discovery. Atlantic Petroleum had an ownership share of 17.5 percent.

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