Atlantic Petroleum dwindles from doubts on new oil field

Faroese oil outfit Atlantic Petroleum aims to secure its survival by qualifying for new credit and booking its first revenue post this year. The company's estimate of the Orlando field's reserves is 70 percent higher than that of the field's operator.

The Orlando field in the UK North Sea is connected to the Ninian Centra rig (shown in photo) and is operated by CNR. Decipher owns the asset or is considering a work-over to boost output after a period of initial underperformance. | Photo: Chevron

by MATHIAS JULIUS FALKENGAARD

Under normal circumstances, an oil company that just sold a field would let out a sigh of relief upon hearing that the deposit contains less volume than previously estimated.

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Atlantic Petroleum makes no money despite commencing extraction efforts
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Atlantic Petroleum's deficit grows
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Atlantic Petroleum replaces entire board
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