Tórshavn, Faroe Islands, 2013-11-13 06:36 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA) today announces that the SEL 2/07 joint venture has agreed a phased farm in by ABT Oil & Gas (“ABTOG”) into its’ Helvick and Dunmore oil discoveries (collectively the “Discoveries”), located in the North Celtic Sea Basin, offshore Ireland.
Under the agreed terms of the farm in, ABTOG will carry out a phased three stage work programme, which will include an assessment of commerciality and, as appropriate, the submission of plans for field development to first oil, using ABTOG’s low cost development solutions.
ABTOG is a joint venture between Enegi Oil PLC (“Enegi”), an independent oil and gas company with an asset portfolio located in the UK North Sea, Newfoundland Canada, Ireland, and Jordan, and ABTechnology Ltd. (“ABT”), proprietor of low cost development solutions.
Upon completion of the agreed work programme, ABTOG will earn a 50% interest in the Discoveries. This farm-in is subject to the Irish Minister for Communications, Energy and Natural Resources granting a Lease Undertaking in respect of each Discovery.
Ben Arabo, CEO, commented:
“We are delighted that the SEL 2/07 joint venture will be working with ABT Oil & Gas, as they bring their experience and technology into the Celtic Sea and help us realise the potential from these two oil discoveries.”
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.
Atlantic Petroleum in brief
Atlantic Petroleum is a full cycle exploration and production (E&P) Group. The asset portfolio spans the full-cycle E&P value chain of exploration, appraisal and development through to production, and is located in some of the world’s most prolific hydrocarbon basins. Main focus is offshore North West Europe where the Group can provide steady growth from the existing asset base and is prepared to acquire new assets. Atlantic Petroleum has a total of 40 oil and gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, producing oil & gas from three fields in the UK part of the North Sea. Three fields are under development or near development. Atlantic Petroleum participates in joint ventures containing around 30 high quality partners. With a strong operating cash flow the Group is well positioned for further growth. Atlantic Petroleum’s shares are listed on NASDAQ OMX Iceland and NASDAQ OMX Copenhagen.
Announcement no. 42/2013
Issued 13-11-2013
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
