Tórshavn, Faroe Islands, 2014-04-28 14:31 CEST (GLOBE NEWSWIRE) --
Atlantic Petroleum (OMX: FO-ATLA CSE & Oslo Børs: ATLA) today announces that
the Blackbird Field second production well has spudded using the Noble Ton V
Langeveld drilling rig.
The Blackbird Field is owned by Nexen Petroleum U.K. Limited (Operator)
73.02957%, Nexen Ettrick U.K. Limited 17.57270% and Atlantic Petroleum UK
Limited 9.39773%.
The Blackbird field was discovered in 2008 and has been in production since
2011. The field currently consists of one subsea producer and one water
injector tied back to the Aoka Mizu FPSO (which also handles the Ettrick Field
production). Oil is exported by shuttle tanker and gas exported to the St
Fergus gas terminal. The well is expected to be in production in early Q3 2014
and provide a significant production boost for the Field. The base case
production from the well is included in the Atlantic Petroleum production
guidance for 2014. The investment in the well qualifies for the Brown Field
Allowance under the UK taxation system.
Ben Arabo, CEO, commented:
?We are pleased to announce the start of operations on the well and look
forward to the production increase that it will generate.?
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 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.18/2014
Issued 28-04-2014