Tórshavn, Faroe Islands, 2014-07-01 15:34 CEST (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (OMX: FO-ATLA CSE & Oslo Børs: ATLA) today announces that during the month of June, Atlantic Petroleum produced a net total of 38,000 barrels of oil equivalents (boe) from the Chestnut, Ettrick and Blackbird fields. The average daily production was 1,267 boe per day net to the Company.
Production for the month was impacted by the planned annual shutdown of the Ettrick & Blackbird fields which started on the 23rd June and is expected to last around 45 days. This will also affect rates during July. Production was also impacted by the temporary production well issue announced in May, which will be rectified in July.
We expect production to have a significant boost in August when the Blackbird PB2 well comes on-stream and the shutdown is completed. A further announcement regarding the Blackbird PB2 well flow rates will be made later in the month.
Production for first half of 2014 was 319,000 boe. The average daily production for the first half of 2014 was 1,762 boe per day net to the Company. Cash and cash equivalents at the end of the first half of the year was DKK 195MM (GBP 21MM). Annual production guidance remains within previously announced estimates. (1,650 to 1,900 boepd).
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 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.28/2014
Issued 01-07-2014
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