Tórshavn, Faroe Islands, 2014-06-27 08:00 CEST (GLOBE NEWSWIRE) -- Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that drilling operations on the re-entry of the 6104/21-2 Brugdan II exploration well on Faroes Licence 006 have concluded.
The well was drilled to 4542 meters and drilling was operationally challenging. No hydrocarbons were found in the intervals drilled and the well will be now plugged and abandoned. The well was re-entered using the West Hercules semi-submersible rig in a water depth of about 460m.
Brugdan is a large four-way dip closure in the Tertiary that was previously drilled in 2006 by the 6104/21-1 well. Neither well encountered the Vaila Sandstone target.
The well is operated by Statoil who holds a 35% interest in the licence. Atlantic Petroleum has 1% interest, with 49% held by ExxonMobil and 15% by OMV.
Ben Arabo, CEO, commented:
“We are disappointed that the well did not reach the Vaila sandstone. However, our 1% interest has meant that our cost exposure has been limited and below our pre-drill estimate. We now look forward to the upcoming Pegasus well in the UK, due to spud within the next two weeks, and the potential high impact Ivory well later in the year in Norway.“
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 45 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 Stock Exchange.
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.27/2014
Issued 27-06-2014
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