Published: 2014-12-02 07:57:34 CET
Atlantic Petroleum P/F
Company Announcement

Gas Discovery in Ivory well 6707/10-3S in PL528 B

Tórshavn, Faroe Islands, 2014-12-02 07:57 CET -- Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) is pleased to announce that the PL528 B Ivory exploration well in the Norwegian Sea has discovered gas. The 6707/10-3S well tested the westernmost segment of the Ivory structure, one of several prospects within the license. The primary objective of the Ivory well was to prove the presence of hydrocarbons in the Kvitnos Formation sandstones. A thick, well developed deep marine fan was encountered 61 m shallower than prognosed. The well was drilled down-dip from the crest of the structure and encountered a 12 m gas-zone. In the Lysing Formation the well penetrated a water-bearing sand. Extensive data acquisition has been performed including cores, fluid samples, pressure points, wireline logs and VSP. These data will now be fully analysed.

Further work is needed to evaluate the resource potential of the discovery. Given commercial, the discovery can be tied back to the Statoil-operated Aasta Hansteen field, located 20 km to the southwest, and which is due to come on stream in 2017. The exploration well was drilled to a total depth of 4,264 m below sea level by the West Navigator drill ship. The well will now be permanently plugged and abandoned.

Atlantic Petroleum holds a 9% interest in PL528 B. The licence is operated by Centrica with 40% interest. Other partners are Statoil 25%*, Wintershall 10%*, Rocksource Exploration Norway 10% and Repsol 6%.

*Wintershall interest pending government approval

 

Ben Arabo, CEO, commented:

‘’We are pleased to acknowledge a gas discovery in the Ivory well. The current well tested one segment of the Ivory prospect and results from this first well will help evaluate the full potential of the licence, which is located immediately northeast of the current Aasta Hansteen field development. We are also very pleased with the safe operations led by Centrica and the good collaboration in the partnership.’’

 

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 around 41 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.49/2014

Issued 02-12-2014

         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