Blackbird Field Development Plan Addendum approved

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| Source: Atlantic Petroleum P/F
multilang-release

Tórshavn, Faroe Islands, 2013-12-06 08:31 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA) today announces that the UK Department of Energy and Climate Change (DECC) has advised the Blackbird Field joint venture partners that it has approved the Blackbird Field Development Plan (FDP) Addendum.

The Blackbird Field is owned by Nexen Petroleum U.K. Limited (Operator) 73.02957%, Nexen Ettrick U.K. Limited 17.57270% and Atlantic Petroleum UK Limited 9.39773%.

The Blackbird field was discovered in 2008 and has been in production since 2011. The field currently consists of one subsea producer and one water injector tied back to the Aoka Mizu FPSO (which also handles the Ettrick Field production). Oil is exported by shuttle tanker and gas exported to the St Fergus gas terminal. The FDP Addendum will result in the drilling of a second production well. The well is planned to be drilled in early 2014 and is expected to be in production by mid-2014. Similar to the Ettrick 20/2a-E9 production well, which came onstream in November 2013, the investment in the Blackbird production well is expected to qualify for the Brown Field Allowance under the UK taxation system.

The drilling of the second well on the Blackbird Field has been described in the Prospectus published on the 26th November 2013 in connection with the offering and listing of the Company’s shares on Oslo Børs.

The approval of the FDP addendum does not affect the Company’s financial position or guidance for 2013.

 

About Atlantic Petroleum                                                                                                                                                              

Atlantic Petroleum is a full cycle exploration and production (E&P) Group focused on North West Europe. Atlantic Petroleum currently holds 40 oil and gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has three fields in production in the UK part of the North Sea. In addition to this, the Group has one field under development with first oil expected in 2015, two additional potential development projects and a substantial number of exploration prospects. Atlantic Petroleum participates in joint ventures with 30 reputable, international partners. Atlantic Petroleum’s main office is located in Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices in London, UK and Bergen, Norway. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and NASDAQ OMX Iceland. The Company has applied for a delisting from NASDAQ OMX Iceland, which is expected to be effective shortly after completion of the Offering on Oslo Børs.

 

Announcement no. 52/2013

Issued 06-12-2013

         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