Published: 2014-10-06 08:00:27 CEST
Atlantic Petroleum P/F
Company Announcement

Atlantic Petroleum announces that drilling of the Ivory well (6707/10-3 S) in PL 528B has commenced

Tórshavn, Faroe Islands, 2014-10-06 08:00 CEST -- Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) is pleased to announce that drilling of the Ivory well (6707/10-3 S) in PL 528B has commenced.

Atlantic Petroleum Norge has a 9%* working interest in PL 528B located in the Norwegian Sea. The licence is located adjacent to the Statoil-operated Aasta Hansteen field development which is due to come on stream in 2017.

The Ivory well is being drilled by the West Navigator drillship. The well is planned to drill to a total depth of around 4200 m TVD and operations are anticipated to take 60-90 days. This will be extended in the case of discovery.

The PL528 licence contains the Ivory prospect which is gas prone with Direct Hydrocarbon Indicator (DHI) support. Gross recoverable resources have been estimated to be 50- 230 mmboe for the main target. The licence also holds several other large prospects, some with DHI support.

Centrica Resources (Norge) is operator of the licence with an equity interest of 40%. Other licence partners are Statoil Petroleum 35%, Rocksource Exploration Norway 10%, Atlantic Petroleum Norge 9%* and Repsol Exploration Norge 6%*.

Ben Arabo, CEO, stated:

“We are very pleased to announce the spud of the Ivory well, our second well in Norway. As well as evaluating the main prospect, success at Ivory will significantly de-risk the other prospects and leads identified on the licence. This is Atlantic Petroleum’s fourth of four exploration wells in our planned 2014 drilling programme."

*subject to government approval for the deal with Repsol Exploration Norge announced on 22 August 2014

 

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 47 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.42/2014

Issued 06-10-2014

         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