Blackbird Field 2nd production well spudded

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| Source: Atlantic Petroleum P/F

Tórshavn, Faroe Islands, 2014-04-28 14:31 CEST (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA CSE & Oslo Børs: ATLA) today announces that the Blackbird Field second production well has spudded using the Noble Ton V Langeveld drilling rig.

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 well is expected to be in production in early Q3 2014 and provide a significant production boost for the Field. The base case production from the well is included in the Atlantic Petroleum production guidance for 2014. The investment in the well qualifies for the Brown Field Allowance under the UK taxation system.

Ben Arabo, CEO, commented:

“We are pleased to announce the start of operations on the well and look forward to the production increase that it will generate.”

  

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 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 2016, 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 on Oslo Børs.

 

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.18/2014

Issued 28-04-2014