Significant Contract Amendment signed for Aoka Mizu FPSOTórshavn, Faroe Islands, 2015-03-12 17:45 CET --
P/F Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that Atlantic Petroleum North Sea Limited today announces that Nexen Petroleum UK Ltd, a wholly owned subsidiary of CNOOC Limited, on behalf of the Ettrick joint venture has signed a significant amendment agreement with Bluewater Ettrick Production (UK) Ltd, to secure the use of the Aoka Mizu FPSO beyond March 2016. The amendment will mean that the FPSO operating day rate will reduce after March 2016, extending the economic life of the fields and combined with other cost saving initiatives, result in a substantial reduction in the overall operating costs for the Ettrick and Blackbird fields.
Ben Arabo, CEO, commented:
“We are delighted that the Ettrick joint venture has been able to agree this contract amendment with Bluewater for the use of the Aoka Mizu FPSO. The reduction in vessel rates and other cost saving initiatives are very welcome at a time when the profitability of North Sea production is challenged by the low oil price and will extend the field life of both our Ettrick and Blackbird fields”
The Bluewater operated FPSO has, over the last two to three years, been one of the best performing FPSO’s in the North Sea in production efficiency and health, safety and environmental (HSE) metrics.
The Ettrick Field is owned by Nexen Petroleum UK Ltd. (Operator) 79.73%, Dana Petroleum 12% and Atlantic Petroleum North Sea Limited 8.27%.
The Blackbird Field is owned by Nexen Petroleum UK Ltd. (Operator) 90.6% and Atlantic Petroleum North Sea Limited 9.4%.
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 34 oil and gas licences in the UK, Norway, and Ireland, 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.09/2015
Issued 12-03-2015
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
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