Tórshavn, Faroe Islands, 2014-11-12 07:33 CET (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that the 43/13b-7 Pegasus West gas discovery, operated by Centrica Energy, drill stem test (DST) flowed at a combined rate of circa 91 million standard cubic feet of gas per day (MMscfpd) from three Carboniferous intervals.
- DST 1 flowed at a maximum stable rate of 41 MMscfpd on a 44/64” diameter choke
- DST 2 flowed at a maximum stable rate of 42 MMscfpd on a 44/64” diameter choke
- DST 3 flowed at a maximum stable rate of 8 MMscfpd on a 30/64” diameter choke
Well testing is being completed and the well will be suspended for use as a future producer.
The well was drilled and tested with the Paragon 391 jackup rig in a water depth of about 95 feet and approximately 7 km WSW of the 43/13b-6Z Pegasus North discovery well. The Pegasus West well lies in the Southern North Sea, close to the producing Cavendish Field, and discovered gas in the Carboniferous pre-drill objective. The well is operated by Centrica Energy who holds 55% equity in the licence. Atlantic Petroleum holds 10% equity and the remaining equity 35% is held by Third Energy Offshore.
Ben Arabo, CEO, commented:
'We are extremely pleased with the results of the well. The testing has proven the deliverability of the reservoirs and this information will be valuable when looking at the best development scenarios for the Pegasus area, including our existing Pegasus North discovery. Furthermore, the results can only have a positive impact on other similar prospects that are in our portfolio in adjacent acreage which we look forward to drilling in the near future.'
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 46 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.
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Announcement no.47/2014
Issued 12-11-2014
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