Tórshavn, Faroe Islands, 2014-02-21 08:04 CET (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX Copenhagen & Oslo Stock Exchange: FO-ATLA-CSE & ATLA) announces that drilling operations on well 7222/11-2 on the Langlitinden prospect in License PL 659 are about to complete. The well (7222/11-2) encountered oil-bearing sands of Triassic age.
The primary objective of well 7222/11-2 was to prove hydrocarbons in the Kobbe Formation reservoir (Triassic) and notably to prove good flow properties in the same reservoir. The well encountered oil in the main channel sands target. Extensive data sampling, including cores, wireline logs and fluid samples have been performed.
Movable oil was proved in the main target for the well, but mini-DST indicated poor reservoir properties at the well location. The well also encountered several hydrocarbon bearing sands in the lower Kobbe section. No fluid samples were collected here as these sands were expected to be too tight at this location. No hydrocarbon contacts were found in the well.
The partnership in production licence 659 will evaluate the results carefully with respect to commerciality and the remaining prospectivity of the licence.
The well was drilled to a total depth of 2,878 metres below sea level. The water depth is 338 metres. The well will now be plugged and abandoned as per the pre-drill plan.
Ben Arabo, CEO, commented:
“The Langlitinden well is Atlantic Petroleum’s first exploration well in Norway and the well proved an extensive interval of oil, although it was decided to not run a DST test at this location. The well data, including cores and fluid samples will be analyzed together with seismic data to further assess commerciality, particularly in light of additional oil prospectivity in the license.”
Atlantic Petroleum holds a 10 percent interest in PL 659 after a farm in deal with Det norske oljeselskap as announced 19th December 2013 (* subject to final authority approval). Partners are Det norske oljeselskap (Operator) with 20 percent, Petoro 30 percent, Lundin Petroleum 20 percent, Tullow Oil Norge 15 percent (including the transfer of a 5 percent working interest from Ithaca Petroleum Norge AS) and Rocksource 5 percent.
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 42 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 2015, 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.11/2014
Issued 21-02-2014
P/F Atlantic Petroleum Yviri við Strond 4, 3rd Floor 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
