Tórshavn, Faroe Islands, 17th August 2007 - Atlantic Petroleum (OMX: FO-ATLA), the international upstream oil and gas company, is pleased to announce that the Hook Head 50/11-3 well has been spudded. The well is being drilled by the Petrolia semi submersible drilling rig on licence SEL 2/07, operated by Providence Resources. About Hook Head Atlantic Petroleum holds a 10% interest in Standard Exploration Licence (SEL) 2/07, which includes the Hook Head discovery. The licence is located in the North Celtic Sea Basin, in about 80 metres of water, and approximately 60 km off the Irish coast. Partners in this licence are: Providence Resources Plc (operator) 40%, Atlantic Petroleum (Ireland Limited) 10%, Challenger Minerals (Celtic Sea) Limited 15%, Dyas BV 15%, Forest Gate Resources Inc 15% and Sosina Exploration Limited 5%. The Hook Head structure is a large anticline that was first drilled in 1971 by Marathon. The IRL 50/11-1 well discovered hydrocarbons in five sandstone units within the Lower Cretaceous. The well was not flow-tested due to severe operational issues at the time. The IRL 50/11-2 appraisal well, drilled by Marathon in 1975, was a delineation well at the down-dip edge of the structure. Post-drill mapping by Marathon indicated that the crest of the structure is located to the north-east of the IRL 50/11-1 discovery well. This mapping is supported by the seismic data acquired by Providence and partners in 2006. The IRL 50/11-3 appraisal well is being drilled in a crestal location, some 2 km northeast of the IRL 50/11-1 well. Further Details Further details can be obtained from Wilhelm Petersen, Managing Director, tel +298 350 100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager, tel +298 350 100 (teiturs@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the company's website: www.petroleum.fo.
Hook Head 50/11-3 appraisal well spuds in the Celtic Sea, Ireland
| Source: P/F Atlantic Petroleum