Alpha Petroleum (UK) Holdings Limited is the proposed buyer for ATP Oil and Gas UK Ltd (ATP UK), it has been revealed.
Independent Oil and Gas plc, which is a partner in licenses operated by ATP UK, said US court documents posted today confirmed the first scheduled US hearing relating to the sale of ATP UK on December 19.
ATP UK is the operator and owns 50% of each of the Blythe and Skipper licenses, with IOG owning the remaining 50%.
IOG said it understands that Alpha Petroleum’s intention is to retain the ATP UK management team in support of the existing business plan, relating to its existing assets, including Blythe and Skipper.
IOG said it understands Deloitte LLP is managing the sale of ATP UK.
The proposed transaction structure will allow the shares of ATP UK to be sold and retain its status as an operator in the North Sea with new owners.
ATP Oil & Gas Corporation owns the shares of ATP UK and, as a consequence of entering Chapter 11 bankruptcy in 2012, the sale needs to be approved by various parties, including the US Bankruptcy Court.
Completion of the share sale will be subject to a Company Voluntary Arrangement which will commence after the share sale contract has been exchanged.