Tórshavn, Faroe Islands, 2013-12-19 08:00 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX & Oslo Børs: FO-ATLA & ATLA) is pleased to announce that the Group has reached an agreement with Det norske oljeselskap ASA (“Det norske”) to acquire a 10% interest in the Norwegian Licence PL659 in return for carrying a share of the cost of the upcoming exploration well. The agreement is subject to approval by the Norwegian authorities.
Det norske is the operator of the Licence now 20%. Other licence partners are Petoro 30%, Lundin 20%, Tullow Oil 10%, Rocksource 5% and Ithaca 5%.
PL659 is located in the Barents Sea (Norway) and was awarded in February 2012 (APA 2011) with a firm well + 3D seismic commitment. The licence consists of 7 blocks/part blocks and covers 1,462 sqkm. The rig Transocean Barents has been contracted and will drill an exploration well to target the Langlitinden Prospect. The well is expected to spud in January 2014 and is expected to drill 51 days.
The Langlitinden well will test an unrisked volume 154-374 mmboe in the main target interval (operator numbers), and is considered to be a low to moderate risk prospect where both oil and gas can be present. In addition several other prospects and leads have been identified within the licence, and on success in Langlitinden these will be significantly de-risked. Another discovery (the 7222/11-1, oil and gas discovery) was made on this licence in 2008.
Ben Arabo, CEO, commented:
“We are looking forward to participating with Det norske and partners in the Langlitinden well. The well is a milestone for Atlantic Petroleum, as it will be the first well that the Company drills on the Norwegian Shelf. The Langlitinden will also be the first well in the 2014 programme followed by the UK Pegasus appraisal well planned for March 2014.”
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 Copenhagen and Iceland and Oslo Børs.
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. 58/2013
Issued 19-12-2013
P/F Atlantic Petroleum P.O. Box 1228 Yviri við Strond 4 FO-110 Tórshavn Faroe Islands Telephone +298 350 100 Fax +298 350 101 Website: www.petroleum.fo E-mail: petroleum@petroleum.fo
