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2011-08-05 17:51:53 CEST 2011-08-05 17:52:49 CEST REGULATED INFORMATION Atlantic Petroleum P/F - Company AnnouncementDrilling commences on the 49/30b-10 Foxtrot exploration wellTórshavn, Faroe Islands, 2011-08-05 17:51 CEST (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (OMX: FO-ATLA) announces the spudding of the 49/30b-10 Foxtrot exploration well on UK Licence P1716 in the Southern North Sea. The well is being drilled with the Ensco 80 jackup rig in a water depth of about 118', 3km south of the Davy North field, 5 km north west of the Davy field and 12km SW of the Gawain field. The well will target the Triassic Bunter sandstones and preliminary results from the well are expected by the end of the 3rd Quarter 2011. The well is operated by Tullow Oil who holds a 65% working interest in the licence. Atlantic Petroleum has 35% working interest as part of a farmin deal negotiated between Volantis and Tullow prior to the acquisition of Volantis by Atlantic Petroleum in May. Ben Arabo, CEO, commented: “This is the first of our planned exploration and appraisal well programme for 2011. It will be followed by the Summit operated Orchid Well to be spudded in October and the Brugdan II and the Spaniards wells to be drilled in 2012. We are looking forward to the results of the Foxtrot well. If the well is successful, it could be tied back to nearby infrastructure in a relatively short time.” 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. 33/2011 Issued 05-08-2011 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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