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2013-02-25 08:00:33 CET 2013-02-25 08:01:32 CET REGULATED INFORMATION Atlantic Petroleum P/F - Company AnnouncementDrilling commences on the 13/23a-7 Magnolia exploration well on UK Licence P.1610Tórshavn, Faroe Islands, 2013-02-25 08:00 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA) today announces that the 13/23a-7 Magnolia exploration well on UK Licence P.1610 spudded yesterday. The well is being drilled with the Diamond Offshore Ocean Nomad semi-submersible rig in a water depth of about 360 ft. The Magnolia prospect lies in the Inner Moray Firth close to the producing Captain Field with predicted Lower Cretaceous stacked reservoirs. The well is expected to take around one month to complete. The well is operated by Dana who holds a 45% interest in the licence. Atlantic Petroleum has 20% equity, with the remaining equity held by Summit 25% and Trap Oil 10%. Ben Arabo, CEO, commented: “We are pleased to announce the spud of the Magnolia well, following the completion of our deal to get into the prospect in September last year. Magnolia is an exciting prospect, testing a concept which could add significant resources to Atlantic Petroleum if successful “ 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. 4/2013 Issued 25-02-2013 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 |
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