Faroese oil company Atlantic Petroleum has gained operatorship over two UK North Sea licenses, the Orlando and Kells.
Atlantic requested to be named the operator of UK Licenses P.1606 and P.1607, the Orlando and Kells, at the end of November as the previous operator, Iona Energy, is currently under administration.
The company asked for a special meeting of the joint operating committees of these two UK Licenses to be held to remove Iona as the operator.
Atlantic informed on Monday that, according to the decision of the joint operating committees taken at special meetings on Friday, Iona was removed as the operator of those licenses.
In addition, Atlantic Petroleum North Sea Limited was selected to be appointed as the new operator, subject to any necessary approval of the Oil and Gas Authority.
Ben Arabo , Atlantic Petroleum CEO, said: “The Orlando development and Kells are very important assets for Atlantic Petroleum and we will be working closely with the authorities, license partner and all stakeholders on the way forward on the assets.”
Earlier in November, Atlantic said it was considering its options for the Orlando field after a deal to sell its stake to Bridge Petroleum had fallen through.