Tórshavn, Faroe Islands, 2015-03-23 07:58 CET (GLOBE NEWSWIRE) -- Following the transaction with Statoil announced 23rd February 2015 a positive drill decision has been taken on the Roald Rygg prospect in PL602, and P/F Atlantic Petroleum (NASDAQ OMX COPENHAGEN: ATLA DKK & Oslo Stock Exchange: ATLA NOK) is pleased to announce that drilling of the Roald Rygg well 6706/12-3 commenced 22rd March 2015 with the Transocean Spitsbergen rig. 6706/12-3 is planned to drill to a total depth of around 3420 m TVD and operations are anticipated to take 35 days. The Nise Formation is the main target for the well, while the Kvitnos Formation represents the secondary target.
The Roald Rygg Prospect is located immediately next to the Snefrid North discovery (6706/12-2) recently drilled by PL218 where gas (105 m) and oil (4 m) were found in the Nise Formation.
In addition to Roald Rygg the PL602 license contains several other prospects and leads with significant follow up potential. The license is located adjacent to the Statoil-operated Aasta Hansteen field development which is due to come on stream in 2017.
Following the recent transactions the partnership consist of Statoil 42.5%* (operator), Centrica 20%, Petoro 20%, Wintershall 10% and Atlantic Petroleum Norge 7.5%*.
Ben Arabo, CEO, stated: “We are very pleased to see the spud of the Roald Rygg well shortly after completing a deal with Statoil on the licence. With the development of new gas infrastructure in the Aasta Hansteen area, this is an attractive area for gas discoveries. Furthermore, the recent discovery of an oil leg below the gas cap in the neighboring Snefrid North licence has a larger positive impact for Atlantic Petroleum as the company has, over the past years, secured significant acreage in this part of the Norwegian Sea represented by ownership in PL528/B, PL602, PL704, PL705, PL763 and PL802. It has always been our belief that in addition to good gas prospectivity there is oil in the area and the Snefrid North discovery proves this to be correct.”
* Transactions are subject to government approval.
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 37 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.12/2015
Issued 23-03-2015
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