Source: Atlantic Petroleum P/F

Atlantic Petroleum announces that drilling of the Langlitinden well (7222/11-2) in PL 659 has commenced.

Tórshavn, Faroe Islands, 2014-01-14 08:00 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum P/F (OMX & Oslo Børs: FO-ATLA & ATLA) is pleased to announce that drilling of the Langlitinden well (7222/11-2) in PL 659 has commenced.

In December 2013, Atlantic Petroleum announced a farm in deal with Det norske to acquire 10% in PL 659 located in the Barents Sea. The license is located c. 165 km NW of Hammerfest, and the water depth is c. 340 m. The agreement is pending authority approval.

The 7222/11-2 Langlitinden well is being drilled by the semi-submersible Transocean Barents rig. The well will be drilled to a total depth of around 2900 m and operations are anticipated to take around 50 days. This will be extended in the case of discovery, in order to allow testing of the well.

The prospect has an un-risked volume 154-374 mmboe in the main target interval (operator numbers) where both oil and gas may be present in the Kobbe Formation.

Det norske is the operator of the PL 659 license with a 20 % working interest after the farm down agreement. The partners are Petoro 30%, Lundin 20 %, Tullow 10%, Atlantic Petroleum 10%, Rocksource 5% and Ithaca 5%.


Ben Arabo, CEO, stated:

“We are very pleased to announce the spud of the Langlitinden well, our first in Norway. As well as evaluating the main prospect, success at Langlitinden will significantly de-risk the other prospects and leads identified on the licence. This is Atlantic Petroleum’s first of four exploration wells in our planned 2014 drilling programme."


Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P) Group focused on North West Europe. Atlantic Petroleum currently holds 42 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, NASDAQ OMX Iceland and on Oslo Børs. The Company has applied for a delisting from NASDAQ OMX Iceland, which is expected to be effective in the near future.


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.

On the website, it is also possible to sign up for the Company’s e-mail newsletter.


Announcement no.5/2014

Issued 14-01-2014

         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