English
Published: 2014-11-06 18:22:01 CET
Atlantic Petroleum P/F
Company Announcement

Six licences offered for award in the UK 28th Round

Tórshavn, Faroe Islands, 2014-11-06 18:22 CET -- P/F Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that Atlantic Petroleum UK Limited (a wholly owned subsidiary of P/F Atlantic Petroleum) has been offered for award six licences in the UK 28th Round. The licence details are as follows:

 

Licences with existing discoveries

  • Block 20/3c & 20/4a (part). Polecat & Marten discoveries. Parkmead 50% operator, Atlantic Petroleum 50%

 

Licences with new prospects

  • Block 22/1 (part). Centrica 82.327% operator, Atlantic Petroleum 17.673%
  • Block 16/22c (split). Parkmead 28% operator, Atlantic Petroleum 27%, Verus 25%, Dyas 20%

 

Licences that are extensions to currently held licences

  • Block 48/4a. Centrica 40% operator, Holywell 40%, Atlantic Petroleum 20%
  • Block 14/25a (part). DEO (Parkmead) 52.03029% operator, Faroe Petroleum 34.61817%, Atlantic Petroleum 13.35154%
  • Block 30/17e. Parkmead Group 30.5% operator, Atlantic Petroleum 30.5%, Verus 25%, Dyas 14%

These six licences are part of the 134 licences that DECC has offered to partnership groups, covering 252 blocks or part blocks. A further group of blocks are still outstanding and are under environmental assessment. Atlantic Petroleum applied for five licences in the areas that are still outstanding.

Atlantic Petroleum applied for 11 licences in total.

 

Ben Arabo, CEO, commented:

“We are extremely pleased with the offers made by the Secretary of State for Energy and Climate Change (DECC). Some exciting prospects have been worked up in the licences that have been offered and we look forward to progressing these to drilling. One licence contains two discoveries and the joint venture will be evaluating development options.”

 

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 46 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.45/2014

Issued 06-11-2014

 

         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