Tórshavn, Faroe Islands, 2013-03-20 08:02 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA) today announces that operations on the 13/23a-7 Magnolia exploration well on UK Licence P1610 are being concluded.
The well penetrated the prognosed Lower Cretaceous targets, with no hydrocarbons encountered, and was drilled to a depth to fulfil the licence obligations. The well is in the process of being plugged and abandoned.
The well is operated by Dana who holds a 45% interest in the licence. Atlantic Petroleum has 20% equity, with the remaining equity held by Summit 25% and Trap Oil 10%.
Ben Arabo, CEO, commented:
“The Magnolia well was the first of a target of four Exploration and Appraisal wells in 2013. Whilst disappointed with the Magnolia result we look forward to continuing our 2013 programme. The well will be expensed in the first quarter accounts.”
Further details can be obtained from Ben Arabo, CEO, tel +298 350100 (email@example.com). 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. 10/2013
P/F Atlantic Petroleum
Yviri við Strond 4
P.O. Box 1228
Telephone +298 350 100
Fax +298 350 101