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2009-07-17 10:57:08 CEST 2009-07-17 10:57:52 CEST REGULATED INFORMATION Atlantic Petroleum P/F - FyrirtækjafréttirImpairment of Celtic Sea licence SEL 2/07Tórshavn, Faroe Islands, 17th July 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, announces impairment in connection with its Celtic Sea licence SEL 2/07, Ireland. Following the drilling of the Hook Head 50/11-4 and Dunmore 50/6-4 wells in July to October last year a number of studies have been completed by the operator. The outcome of the studies suggests that, due to reservoir and oil quality issues, the potential commerciality of these assets is more uncertain than before. Further, due to uncertainty related to sufficient volume of the Dunmore Jurassic carbonate reservoir, which encountered hydrocarbon shows in an approximately 20 feet thick section, the company has decided to write-off costs of approximately €12 million in impairments. The write-off will not have any cash effect on the company. The impairment does not impact on the companies booked resources, as the Competent Persons Report issued by Fugro on 1st January 2009 does not have resources associated with Hook Head or Dunmore. Furthermore, this announcement does not change the forecast for 2009, announced in the 1Q announcement (announcement no 09/2009), as the estimate for the year is based on EBIT before the deduction of unsuccessful exploration/appraisal costs. Wilhelm Petersen, CEO, commented: “Even though Hook Head and Dunmore are not key assets in our portfolio, the results are disappointing. The Company is now looking forward to producing first oil from the Ettrick field during the summer. Ettrick will be our second producing field.” Further Details Further details can be obtained from Wilhelm Petersen, Managing Director, tel +298 350100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager, tel +298 350100 (teiturs@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo Announcement no. 19/2009 Issued 17-07-2009 P/F Atlantic Petroleum Telephone +298 350 100 Gongin 9 Fax +298 350 101 Box 1228 Website: www.petroleum.fo FO-110 Tórshavn Website: www.petroleum.fo Faroe Islands |
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