Tórshavn, Faroe Islands, 2014-01-21 15:25 CET (GLOBE NEWSWIRE) --
P/F Atlantic Petroleum (OMX & Oslo Børs: FO-ATLA & ATLA) today announces that
Atlantic Petroleum Norge AS (a wholly owned subsidiary of P/F Atlantic
Petroleum) has been awarded new licences in the APA 2013 Licensing Round on the
Norwegian Continental Shelf (NCS) announced by the Ministry of Oil and Energy
on the 21st of January, 2014.
The licences PL 763 and PL 270 B both contain prospects where nearby wells have
proven hydrocarbons in the same geological play model. The mapped prospects
have significant resource potential, and have been de-risked prior to
application.
After these awards Atlantic Petroleum has eight licences on the Norwegian
Continental Shelf (where two are recent farm-ins awaiting authority approval).
The company will participate in two exploration wells in Norway in 2014
(Langlitinden currently drilling, and Ivory scheduled for drilling late 2014),
and the new awards add potential high impact drilling opportunities to the
Atlantic Petroleum prospect inventory. Therefore, these awards mark another
significant milestone in the Company?s effort to build a high value a portfolio
in Norway after the entrance to the Norwegian Shelf approximately one year ago.
PL 763, block 6606/2 & 6606/3 (parts)
PL 763 is located immediately southwest of the Aasta Hansteen Field where
production will start in 2017. Prospectivity with high resource potential has
been mapped at multiple reservoir levels using 3D seismic data, and the main
prospect is defined within the same geological play model that has been proven
hydrocarbon bearing in the Aasta Hansteen licence.
The licence group consists of:
Repsol (Operator) 40%, Atlantic Petroleum Norge AS 30% and Rocksource 30%.
PL 270 B, block 35/2 and 35/3 (parts)
PL 270 B is located in the Northern North Sea just west of the Agat discovery.
Prospectivity has been mapped on 3D seismic data. The licence is given as an
extension to PL 270 and will follow the same work program. Here a drill or drop
decision is expected early 2014, with a potential well in 2015.
The licence group consists of:
VNG Norge (Operator) 85%, Atlantic Petroleum Norge AS 15%.
CEO Ben Arabo stated ?We are pleased to be able to announce another successful
result in a licence round participation on the Norwegian Continental Shelf. The
APA awards increase our footprint in Norway to eight licences and add high
quality opportunities to our drilling programme going forward.?
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, NASDAQ OMX Iceland and on
Oslo Børs. The Company has applied for a delisting from NASDAQ OMX Iceland,
which is expected to be effective in the near future.
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. 06/2014
Issued 21-01-2014
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