Atlantic Petroleum YE 2014 Competent Persons Report


Tórshavn, Faroe Islands, 2015-03-17 15:11 CET (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its Summary Year End 2014 Competent Persons Report compiled by Gaffney, Cline & Associates (GCA) with respect to its Exploration, Development and Production assets in the UK, Norway and Ireland.

Highlights:

 

  • Net Remaining economic 2P reserves (including Kells), as reported by GCA, have moved from 8.6 mmboe to 7.6 mmboe, a 13% reduction. Over half the reduction was caused by production during 2014, with the remainder being due in-field adjustments and economic limit tests.

 

  • Net 2C Contingent oil resources have increased from 17.1 mmbls to 36.3 mmbls and 2C Contingent gas resources have increased from 21.3 bcf to 43.8 bcf. In terms of barrels of oil equivalent (boe), this results in overall an increase of 111% from 20.7 mmboe to 43.6 mmboe.

 

  • Net “Best” estimate of Prospective Risked Resources has increased from 50.7 mmboe to 53.6 mmboe, a 6% increase.

 

Ben Arabo, CEO, commented:

We are delighted that our reserve and resource bookings are now showing the results of our exploration and appraisal efforts over the last few years. The movement in our 2C resource estimate is especially pleasing, as it includes our own recent discoveries like Pegasus and Ivory, and new additions like Polecat. Our focus in the near term will be on moving these contingent resources into reserves. We also expect that the reserve position will be further improved when the Chestnut joint venture completes its assessment of field infill potential later in the year.”

 

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 around 34 oil and gas licences in the UK, Norway, and Ireland, 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.10/2015

Issued 17-03-2015

 

         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


Attachments

10-2015 Atlantic CPR Summary Report YE 2014 - issued 17-03-2015.pdf