|
|||
2009-03-03 08:20:35 CET 2009-03-03 08:21:15 CET REGULATED INFORMATION Atlantic Petroleum P/F - FyrirtækjafréttirAtlantic Petroleum to maintain its 8.27% equity in Blackbird block 20/2aTórshavn, Faroe Islands, 3rd March 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, today announces that its interest of 8.27% in UK P317 licence, including the Blackbird discovery, remains unchanged. Wilhelm Petersen, Atlantic Petroleum's Managing Director, stated: “This is encouraging for Atlantic Petroleum and the partnership as this add value to Blackbird and the structure of the partnership within the licence will remain the same.” Atlantic Petroleum acquired UK Licence P317, Block 20/2a, in 2003 from Premier Oil. Premier Oil retained a right to back-in to the licence for a 5.515% interest in the event of any discovery being made outside the Ettrick field in return for payment of exploration costs. Since the back-in option has not been exercised, Atlantic Petroleum's participating interest in the licence remains unchanged. The 20/2a-8 Blackbird well was announced as a discovery in the summer of 2008. Blackbird is promising and we anticipate that it will be a positive addition to the Ettrick field. The well encountered 111 feet of net pay in multiple zones and tested at an average restricted rate of 3,800 bopd through a 34/64 inch choke. The discovery lies around six kilometres south of the Ettrick field and work is ongoing regarding development options. Partners in the licence are Nexen (Operator) 79.73%, Bow Valley 12 % and Atlantic Petroleum 8.27%. Further Details Further details can be obtained from Wilhelm Petersen, Managing Director, tel +298 350 100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager, tel +298 350 100 (teiturs@petroleum.fo). This announcement is, together with other information about Atlantic Petroleum, available on the Company's website: www.petroleum.fo Announcement no. 05/2009 Issued 03-03-2009 P/F Atlantic Petroleum Gongin 9 Telephone +298 350 100 P.O. Box 1228 Fax +298 350 101 FO-110 Tórshavn Website: www.petroleum.fo Faroe Islands |
|||
|