Tórshavn, Faroe Islands, 2011-08-24 08:00 CEST (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (OMX: FO-ATLA) announces that the 49/30b-10 well targeting the Foxtrot prospect reached its total depth of 5855’ (measured depth) on the 20th August. The well targeted the Upper Bunter sandstone formation. However, these sands were found to be water wet. The well has been suspended for later re-entry pending the evaluation of a deeper Rotliegend play.
Ben Arabo CEO of Atlantic Petroleum comments: “The Foxtrot well was the first of a firm four well exploration programme spread over the next twelve months. Naturally we are disappointed with the results of the well but we are encouraged that the operator Tullow Oil recognises the potential of a deeper play. The next well in Atlantic Petroleum’s planned exploration and appraisal well programme is the UK P.1556 Block 29/1c Orchid well operated by Summit which is expected to be spudded in the fourth quarter of 2011. Atlantic Petroleum holds a 10% working interest in the Orchid well.”
Atlantic Petroleum maintains the 2011 EBIT forecast of between DKK 90MM – DKK 150MM
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.
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Announcement no. 37/2011
Issued 24-08-2011
P/F Atlantic Petroleum
Gongin 9
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