Tórshavn, Faroe Islands, 2013-11-22 14:27 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA) announces that production from the Chestnut field has been temporarily suspended as a precautionary measure in response to an issue with the mooring system on the Sevan Hummingbird FPSO. One of the twelve mooring lines on the FPSO lost tension and production has been suspended whilst the cause is being investigated. We can confirm that no other damage, loss of stability to the vessel or environmental release has occurred.
We are working with the field operator Centrica Energy, along with dutyholder Woodgroup PSN and FPSO owner Teekay, to repair the damaged mooring line and confirm the condition of the remaining lines prior to production recommencing, which is expected in the first week of December.
CEO Ben Arabo stated “Whilst it is disappointing that Chestnut production has been suspended, we will continue to work with our partners to ensure the safety of our teams and integrity of the vessel whilst looking to resume production as soon as possible. At present, we are not planning to update our production guidance for 2013, but the temporary shutdown of production does mean we now expect to be towards the bottom end of the guidance”
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 .
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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.46/2013
Issued 22-11-2013
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
