Atlantic Petroleum has held on to its 8.27% stake in the North Sea Blackbird discovery after Premier Oil did not exercise an option to back-in to the P317 licence. Atlantic acquired the UK licence containing Block 20/2a in 2003 from Premier Oil. Premier retained a right to back-in to the licence for a 5.515% interest in the event of any discovery being made outside the Ettrick field and in return for payment of exploration costs.
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