ATP Oil & Gas

(ATPG)

plans to sell its U.K. assets in the North Sea to a subsidiary of

EDF

for about $430 million.

The agreement transfers 80% of ATP's U.K. interest in its Tors (a 68% working interest) and Wenlock (an 80% working interest) properties to EDF. EDF has a later option to acquire the remaining ATP interests.

The sale is expected before the end of 2008. ATP's U.K. subsidiary will remain as operator of both Tors and Wenlock.

ATP said Monday it will use proceeds from the sale to reduce its debt, and further its development programs.

Image placeholder title