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2009-02-12 16:46:50 CET 2009-02-12 16:47:44 CET REGULATED INFORMATION Atlantic Petroleum P/F - Company AnnouncementUpdate on Ettrick FieldTórshavn, Faroe Islands 12th February 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, today announced reserves booked to the Ettrick Field. The Competent Persons Reserves Report, which will be published together with the Annual Financial Statement for 2008 calculates the P50 net reserves to Atlantic Petroleum for the Ettrick field to 2.5 MMBoe from 4.1 MMBoe. The revised reserves relates to low year-end oil prices and disappointing drilling results that lowered the reserve estimates. Atlantic Petroleum does not expect any impairment charge for Ettrick Field in the financial statement for 2008. In 2008 we announced the Blackbird discovery which will be a future tie-back to Ettrick. We anticipate that the Blackbird reserves will slightly compensate for lower Ettrick reserves. In 2009, we plan to drill an appraisal well on the Blackbird discovery. The Ettrick development consists of a leased floating production, storage and offloading vessel (FPSO) designed to handle 30,000 bbls/d of oil and 35 mmcf/d of gas. 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 will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo. Issued 12-02-2009 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 |
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