Tórshavn, Faroe Islands, 2015-04-13 07:57 CEST (GLOBE NEWSWIRE) -- Through operator Statoil Petroleum AS in licence PL 602, Atlantic Petroleum (NASDAQ OMX COPENHAGEN: ATLA DKK & Oslo Stock Exchange: ATLA NOK) is currently completing the drilling of exploration well 6706/12-3. The well is located approximately 12 km west of the Aasta Hansteen field in the northern part of the Norwegian Sea.
The purpose of the well was to prove presence of hydrocarbons in reservoir rocks of Late Cretaceous age, with the primary target being the Nise Formation and the secondary target being the Kvitnos Formation. The well encountered a total gas column of c 38 m in the Nise Formation of which c 30 m was in sandstones with very good reservoir quality. In the Kvitnos Formation, the well encountered water-filled sandstones of good reservoir quality. Preliminary volume estimates suggest that the discovery is between 2 and 7 billion Sm3 (c 70-250 bcf), very much in line with Atlantic Petroleum’s pre-drill estimates. The licence owners will consider the discovery in light of other nearby discoveries with respect to a tie back to the Aasta Hansteen field.
The well was not formation tested, but extensive data acquisition and sampling were performed.
This is the first exploration well in licence PL 602. The licence was awarded 13th May 2011 and Atlantic Petroleum formally entered the licence in December 2014. The licence also contains numerous other prospects with seismic hydrocarbon indicators which represent a significant upside potential.
Well 6706/12-3 was drilled to a vertical depth of 3296 m below sea level and was completed in the Kvitnos Formation in the Upper Cretaceous. Water depth is 1287 m. The well will now be permanently plugged and abandoned. The well was drilled by Transocean Spitsbergen.
The partnership consists of Statoil 42.5%* (operator), Centrica 20%, Petoro 20&, Wintershall 10% and Atlantic Petroleum Norge 7.5%*.
Ben Arabo, CEO, said: “We are very pleased with this discovery in the Roald Rygg prospect and we consider it likely that the discovery will be tied back to the Aasta Hansteen field, particularly in light of the recent Snefrid North discovery in the adjacent licence.”
Together with the Ivory gas discovery last fall, Atlantic Petroleum now has two interesting discoveries in the area. In addition, the company has access to numerous other exciting prospects in the licences PL 528/B, PL 602, PL 704, PL 705, PL 763 and PL 802.
* Subject to government approval of transactions.
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.15/2015
Issued 13-04-2015
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