Published: 2014-09-12 17:24:32 CEST
Atlantic Petroleum P/F
Company Announcement

Gas found in Pegasus West

Plans to drill stem test the 43/13b-7 Pegasus West well on UK Licence P1724

Tórshavn, Faroe Islands, 2014-09-12 17:24 CEST -- P/F Atlantic Petroleum (OMX: FO-ATLA CSE & Oslo Børs: ATLA) today announces that drilling, Logging While Drilling (LWD) and wireline logging information indicates the presence of gas in the 43/13b-7 well. Following the analysis of cores and all other available data, the P1724 joint venture has decided to drill stem test the well.

The well is being drilled with the Paragon 391 jackup rig in a water depth of about 95 feet and approximately 7 km WSW of the 43/13b-6Z Pegasus North discovery well. The Pegasus West well lies in the Southern North Sea, close to the producing Cavendish Field, and had a Carboniferous gas objective.

The well is operated by Centrica Energy who hold a 55% interest in the licence. Atlantic Petroleum holds 10% equity and the remaining equity 35% is held by Third Energy Offshore.

Ben Arabo, CEO, commented:

“We are excited with the results of the well so far and looking forward to the results of the drill stem test. If testing is successful, this will help to de-risk a future Pegasus development. This well is part of a programme that we have matured and built up over the last years. We are now unlocking the potential of our UK Southern Gas Basin acreage and will be adding further wells in the area 2015.”

 

Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P) Group focused on North West Europe. Atlantic Petroleum currently holds 45 oil and gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has three fields in production in the UK part of the North Sea. In addition to this, the Group has one field under development with first oil expected in 2016, two additional potential development projects and a substantial number of exploration prospects. Atlantic Petroleum participates in joint ventures with 30 reputable, international partners. Atlantic Petroleum’s main office is located in Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices in London, UK and Bergen, Norway. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.

 

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 350100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.

On the website, it is also possible to sign up for the Company’s e-mail newsletter.

Announcement no.40/2014

Issued 12-09-2014

         P/F Atlantic Petroleum
         Yviri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         
         Telephone +298 350 100
         Fax +298 350 101
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo