Tórshavn, Faroe Islands, 2013-05-06 16:58 CEST (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA) today announces that the Department of Energy and Climate Change (DECC) has advised the P273 Ettrick joint venture partners that it has approved the Ettrick Field Development Plan (FDP) Addendum dated November 2012.
The Ettrick Field is owned by Nexen Petroleum (Operator) 79.73%, Dana Petroleum 12.00% and Atlantic Petroleum UK Ltd. 8.27%.
The Ettrick field was discovered in 1981 and has been in production since 2009 using the Aoka Mizu FPSO. Oil is exported by shuttle tanker and gas exported to the St Fergus gas terminal. The FDP Addendum will result in the drilling of an infill production well near the crest of the field. The well is planned to be brought on-stream towards the end of 3Q 2013.
Ben Arabo, CEO, commented:
“We are pleased to be able to support this infill project which should bring new reserves and extend the life of the Ettrick Field. We look forward to working further with operator Nexen to maximise the recovery from this important part of the Atlantic Petroleum portfolio.”
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. 22/2013
Issued 06-05-2013
P/F Atlantic Petroleum
Yviri við Strond 4
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