Tórshavn, Faroe Islands, 2013-07-22 08:00 CEST (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (OMX: FO-ATLA) today announces the completion of drilling operations on the 44/23-1 Dunquin North exploration well in Frontier Exploration Licence FEL 3/04. An extensive data acquisition programme has been undertaken and the well will now be plugged and abandoned as per the pre-drill plan.
The well penetrated around 249m of the massive carbonate Cretaceous target within prognosis and was drilled to a total depth of 5000m. Petrophysical analysis of the well logs indicates an upper zone of 44m which has residual hydrocarbon saturations in a porous reservoir.
The well is operated by ExxonMobil Exploration and Production Ireland (Offshore) Limited 25.5% on behalf of its partners, Eni Ireland B.V. 27.5%, Repsol Exploracion Irlanda, S.A. 25.0%, Providence Resources P.l.c. 16.0%, Atlantic Petroleum (Ireland) Limited 4.0% and Sosina Exploration Limited 2.0%.
Wayne Kirk, Technical Director, commented:
“The data from the Dunquin North well are interpreted to show that it has encountered a 44m residual oil column in a carbonate reservoir. This result has very positive implications for the region in general, but especially for the Dunquin South prospect, which also lies within licence FEL 3/04.”
Ben Arabo, CEO, commented:
“The Dunquin well was seen pre-drill as a high risk Frontier exploration target. The results indicate that there is much improved potential within the licence acreage and we look forward to moving that forward in the future. We are also looking forward to drilling our next exploration/appraisal well around year end, which will be on the Pegasus discovery in the UK Southern Gas Basin.”
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. 32/2013
Issued 22-07-2013
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