Tórshavn, Faroe Islands, 2014-01-21 15:25 CET (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (OMX & Oslo Børs: FO-ATLA & ATLA) today announces that Atlantic Petroleum Norge AS (a wholly owned subsidiary of P/F Atlantic Petroleum) has been awarded new licences in the APA 2013 Licensing Round on the Norwegian Continental Shelf (NCS) announced by the Ministry of Oil and Energy on the 21st of January, 2014.
The licences PL 763 and PL 270 B both contain prospects where nearby wells have proven hydrocarbons in the same geological play model. The mapped prospects have significant resource potential, and have been de-risked prior to application.
After these awards Atlantic Petroleum has eight licences on the Norwegian Continental Shelf (where two are recent farm-ins awaiting authority approval). The company will participate in two exploration wells in Norway in 2014 (Langlitinden currently drilling, and Ivory scheduled for drilling late 2014), and the new awards add potential high impact drilling opportunities to the Atlantic Petroleum prospect inventory. Therefore, these awards mark another significant milestone in the Company’s effort to build a high value a portfolio in Norway after the entrance to the Norwegian Shelf approximately one year ago.
PL 763, block 6606/2 & 6606/3 (parts)
PL 763 is located immediately southwest of the Aasta Hansteen Field where production will start in 2017. Prospectivity with high resource potential has been mapped at multiple reservoir levels using 3D seismic data, and the main prospect is defined within the same geological play model that has been proven hydrocarbon bearing in the Aasta Hansteen licence.
The licence group consists of:
Repsol (Operator) 40%, Atlantic Petroleum Norge AS 30% and Rocksource 30%.
PL 270 B, block 35/2 and 35/3 (parts)
PL 270 B is located in the Northern North Sea just west of the Agat discovery. Prospectivity has been mapped on 3D seismic data. The licence is given as an extension to PL 270 and will follow the same work program. Here a drill or drop decision is expected early 2014, with a potential well in 2015.
The licence group consists of:
VNG Norge (Operator) 85%, Atlantic Petroleum Norge AS 15%.
CEO Ben Arabo stated “We are pleased to be able to announce another successful result in a licence round participation on the Norwegian Continental Shelf. The APA awards increase our footprint in Norway to eight licences and add high quality opportunities to our drilling programme going forward.”
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 42 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 2015, 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, NASDAQ OMX Iceland and on Oslo Børs. The Company has applied for a delisting from NASDAQ OMX Iceland, which is expected to be effective in the near future.
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. 06/2014
Issued 21-01-2014
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