Tórshavn, Faroe Islands, 2012-03-08 08:02 CET (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (OMX: FO-ATLA) announces the commencement of operations on the 29/1c-9 Orchid exploration well on UK Licence P.1556 in the Central North Sea.
The well is being drilled with the Sedco 711 semi-submersible rig in a water depth of about 290 ft, near to the producing Bittern and Kyle fields. The well will target a four-way dip closure at both Tertiary and Chalk levels and is expected to take 35-40 days to complete.
The well is operated by Summit Petroleum who holds a 45% interest in the licence. Atlantic Petroleum has 10% working interest resulting from a farm-in deal negotiated in 2011. Other partners are Valiant Petroleum (30%) and Trap Oil (15%).
Ben Arabo, CEO, commented:
“We are very pleased to announce the beginning of our exploration and appraisal well programme for 2012. Orchid will be followed mid-year by the Brugdan II well in the Faroe Islands and the Spaniards well to be drilled in the latter part of 2012.“
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.
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Announcement no. 07/2012
Issued 08-03-2012
P/F Atlantic Petroleum
Gongin 9
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