Atlantic Petroleum has signed an agreement with Decipher Energy to sell its 25% interest in the Orlando field in the UK North Sea.

Under the agreement, Atlantic Petroleum will receive 2% revenue share of the total Orlando production revenue until the field has produced five million barrels of oil.

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Following this, the revenue share to Atlantic Petroleum will increase to 4.35% of the total Orlando field revenue.

A prepaid amount of $1m of the initial 2% revenue share will be paid on completion of the sale and purchase agreement.

Atlantic Petroleum CEO Ben Arabo said: “We are very pleased with the agreement with Decipher Energy. The Orlando development is a good project and we are very glad to see that it will be developed with a planned first oil date in 2018.

"If the field performs as expected and the oil price remains at current levels or recovers, there can be significant upside to Atlantic Petroleum from the Orlando sales proceeds."

“If the field performs as expected and the oil price remains at current levels or recovers further, there can be significant upside to Atlantic Petroleum from the Orlando sales proceeds.”

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After the completion of this transaction, Atlantic Petroleum will not participate or invest in the development of Orlando.

It will only be entitled to receive the share of sale proceeds once the field starts production.

According to the latest Competent Persons’ Report prepared for Atlantic Petroleum by Gaffney Cline and Associates released in March 2015, Orlando field hosts nearly 8.5 million to 15.3 million barrels of recoverable reserves.

The initial production rate from this field is expected to be around 10,000bpd.