Announcement from P/F Atlantic Petroleum (FO-ATLA)
Atlantic Petroleum Updates Status on Chestnut Field
Tórshavn, Faroe Islands 18th March 2008 - Atlantic Petroleum (OMX: FO-ATLA) the
international upstream oil and gas company, today announced that commissioning
work and sub-sea tie in activity on Chestnut is ongoing however progress on
these activities is slower than anticipated therefore first oil from the
Chestnut Field is anticipated during the third quarter of 2008, with a
‘stretch' target of second quarter 2008.
The field will be produced from the new Sevan 300 floating production unit, the
Hummingbird, which was built in the Yantai Raffles shipyard in China and
completed at the Keppel Verolme yard in Rotterdam. The FPSO was installed and
anchored on the Chestnut location in December 2007. Offshore hook-up and
commissioning work, along with sub-sea tie in activity, is ongoing. Progress on
these activities has been slower than anticipated for a variety of reasons,
including winter weather related issues. The field will therefore come on
production later than originally anticipated.
New subsurface technical work has identified a potentially significant upside
to the field in an area south of the Chestnut wells. An additional well is
being considered. It is anticipated that this project will be sanctioned during
the first half of the year leading to the well being drilled towards the end of
2008.
Partners in the P.354 licence are Venture (Operator) 69.88%, Bow Valley 15.12%
and Atlantic Petroleum 15%.
Commenting on the news, Wilhelm Petersen, Managing Director of P/F Atlantic
Petroleum said:
“Atlantic Petroleum are disappointed that operational delays are putting back
the date for Chestnut first oil. However the considerable upside identified to
the south of the currently drilled wells could add significant value to the
project, so we are looking forward to finalising the subsurface work on this.”
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.
Atlantic Petroleum Updates Status on Chestnut Field
Issued 18-03-2008
P/F Atlantic Petroleum Telephone +298 350 100
Gongin 9 Fax +298 350 101
P.O. Box 1228 Website: www.petroleum.fo
FO-110 Tórshavn
Faroe Islands
