Tórshavn, Faroe Islands, 2015-01-21 08:02 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum Norge AS (a wholly owned subsidiary of P/F Atlantic Petroleum) has been awarded two new licences in the APA 2014 Licensing Round on the Norwegian Continental Shelf. This has been announced by the Norwegian Ministry of Oil and Energy.
The licences PL 796 and PL 802 both contain prospects where nearby wells have proven hydrocarbons in the same geological play models. The mapped prospects have significant resource potential, and have been de-risked prior to application.
Following the awards Atlantic Petroleum will have 10 licences on the Norwegian Continental Shelf, and this marks another significant milestone in the Company’s effort to build a high value portfolio in Norway following the entrance to the Norwegian Shelf approximately two years ago.
PL 796, block 6407/3, 6407/5 & 6407/6 (parts)
PL 796 is located in the Norwegian Sea on the Halten Terrace, and the licence is surrounding the Mikkel Field. 3D seismic data have been used to interpret the area, and the main prospectivity has been identified in Upper Jurassic sandstones. In addition to several prospects and leads identified the licence contains the 6407/5-2 S discovery that has been re-evaluated. The work program is to acquire and evaluate 3D seismic data over prospective areas, before a drill or drop decision is to be taken after two years. A potential well must be drilled within four years from the award date.
The licence group consists of:
Statoil (Operator) 40%, Atlantic Petroleum Norge AS 20%, Core Energy 20% and Edison International Norway Branch 20%.
PL 802 Ganske, block 6705/11 & 6705/12 (parts)
PL 802 is located in the Vøring Basin in the Norwegian Sea, immediately east of the Asterix gas discovery. Existing 2D and 3D seismic data have been used to map the area, and the main prospectivity has been identified in Upper Cretaceous sandstones similar to that encountered in the Asterix well. The work program is to do a geological and geophysical evaluation of the licence based on existing data, and to take a drill or drop decision within the first two years. A potential well must be drilled within four years from award.
The licence group consists of:
Repsol (Operator) 40%, Atlantic Petroleum Norge AS 20%, Eon E&P Norge 20% and OMV Norge AS 20%.
CEO Ben Arabo states: ''We are very pleased to be able to announce another successful result in a licence round participation on the Norwegian Continental Shelf. We are especially pleased to enter in to the mature Halten Terrace with PL 796 which already contains a discovery in addition to several prospects.''
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. 02/2015
Issued 21-01-2015
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