Tórshavn, Faroe Islands, 2014-05-12 15:52 CEST (GLOBE NEWSWIRE) -- Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that operations regarding the re-entry of the 6104/21-2 Brugdan II exploration well on Faroes Licence 006 have commenced.
The Brugdan II 6104/21-2 well was drilled in 2012 and suspended in late November that year as the weather was closing in. The well is being re-entered using the West Hercules semi-submersible rig in a water depth of about 460m. Brugdan is a large four-way dip closure in the Tertiary that was previously drilled in 2006 by the 6104/21-1 well which was abandoned prior to reaching the Vaila Sandstone target due to mechanical issues. The well is expected to take over two months to complete.
The well is operated by Statoil who holds a 35% interest in the licence. Atlantic Petroleum has 1% interest, with 49% held by ExxonMobil and 15% by OMV.
Ben Arabo, CEO, commented:
“We are very pleased to announce the re-entry of the high impact Brugdan II well in the Faroe Islands. Although the well is both geologically and technically challenging, it could, if successful, have a very big impact on Atlantic Petroleum and on the Faroese shelf in general“
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 40 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 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.22/2014
Issued 12-05-2014
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