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2011-06-30 15:01:22 CEST 2011-06-30 15:02:18 CEST REGULATED INFORMATION Atlantic Petroleum P/F - Company AnnouncementAtlantic Petroleum announces Spaniards/Gamma Amalgamation Agreement and firm well commitment.Tórshavn, Faroe Islands, 2011-06-30 15:01 CEST (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (OMX: FO-ATLA) announces that an Agreement has been reached to amalgamate Block 15/21g and part of Block 15/21a and have committed to drill a well on the Spaniards prospect. The Perth Licence co-venturers in Block 15/21a, DEO Petroleum UK Limited, Faroe Petroleum UK Limited, Maersk Oil UK Limited and Atlantic Petroleum UK Limited (together the “Perth Group”) are pleased to announce that they have reached commercial agreement with the Block 15/21g co-venturers, EnCore Oil plc, Nautical Petroleum plc and Serica Energy (UK) Limited (together the “15/21g Group”), on the amalgamation of a sub area of 15/21a with Block 15/21g to create a single conjoined area (the “Amalgamated Area”). Under the terms of the agreement the parties, subject to the necessary DECC consent and the formulation of a detailed legal agreement, respective equities in the newly Amalgamated Area are shown in the attached table. The parties have also confirmed a firm well commitment to DECC on the Spaniards prospect to assess whether it is a continuation of the updip Gamma discovery which flowed at 2,660 bopd from the Upper Jurassic Galley sands. The Spaniards well is expected to be drilled in the second half of 2012 and will satisfy the licence and fallow commitments. The Spaniards well is to be funded 100% by the 15/21g Group on a dry hole basis. It is agreed that the costs of any second well will be borne 42.8% by the Perth Group and 57.2% by the 15/21g Group again on a dry hole basis. Ben Arabo, CEO, commented: “We are pleased to be able to add the Spaniards well as a firm activity on our future drilling programme. The Spaniards well, operated by EnCore, presents an interesting opportunity to appraise the 15/21a-38Z Gamma discovery and success would have positive implications for the development of assets in the Perth area. We look forward to be working with EnCore, Nautical and Serica going forward. The Atlantic Petroleum 2011 to 2012 exploration and appraisal well programme now contains four firm exploration and appraisal wells, which takes us one step closer to our goal of participating in at least ten exploration and appraisal wells by the end of 2013.” 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. 27/2011 Issued 30-06-2011 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 |
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