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2009-08-18 08:44:05 CEST 2009-08-18 08:44:27 CEST REGULATED INFORMATION Atlantic Petroleum P/F - FyrirtækjafréttirEttrick field commences oil productionTórshavn, Faroe Islands, 18th August 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, announces that the Ettrick field has commenced oil production. The Ettrick field is expected to produce at rates up to 1,650 boepd (barrels of oil equivalent per day) net to Atlantic Petroleum via the FPSO (floating production, storage and offloading) vessel 'Aoka Mizu'. Wilhelm Petersen, CEO, commented: “We are very pleased that the Ettrick field is now on stream. Together with the Chestnut field, we currently have two oil producing fields which generate cash flow, which is a perfect platform for future development of the company. We will now seek to add further value to Ettrick by monitoring field performance prior to drilling additional development wells, as well as by evaluating the nearby Blackbird discovery and other potential tie backs to Ettrick.” Partners in the Ettrick development are Nexen (operator) with 79.73%, Bow Valley Petroleum (UK) Limited (a wholly-owned subsidiary of the Dana Petroleum Group) with 12.00% and Atlantic Petroleum with 8.27%. The Ettrick field lies in the Moray Firth in the UK sector of the North Sea and was discovered in 1981 and had, prior to development, been appraised by seven wells drilled between 1982 and 1985. The reservoir lies within the Upper Jurassic Ettrick Sandstones with deeper Zechstein reservoirs in the Jarvis structure. Since field development approval was obtained by the UK authorities in July 2006, six wells have been drilled between March 2007 and March 2009. In April 2006, the partnership awarded Bluewater Ettrick Production (UK) Limited a contract for the production facilities and operations for the Ettrick field for an initial term of five years with extension options. The FPSO is designed to handle 30,000 bopd (barrels of oil per day) and 35 MMscfpd (million standard cubic feet per day) of gas. Further details can be obtained from Wilhelm Petersen, CEO, 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. On the website, it is also possible to sign up for the Company e-mail newsletter. Announcement no. 20/2009 Issued 18-08-2009 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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