Atlantic Petroleum P/F 25.09.2012 16:29 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.
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Torshavn, Faroe Islands, 2012-09-25 16:28 CEST (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA) today announces that the Group has reached agreements to acquire equity in two separate licences subject to regulatory consent, both of which have wells proposed to spud within the next six months. Agreement has been reached to acquire a 20% stake in P1610, Block 13/23a and P1766, Block 13/22d containing the Magnolia prospect in return for carrying a share of the cost of the initial exploration well. The equity was acquired from Summit Petroleum. The Magnolia prospect is a Lower Cretaceous stratigraphic pinchout play. The licences are located to the south and south east of the producing Captain Field in the Moray Firth and are also close to the Blake and Ross Fields. A rig has been contracted by the operator Dana Petroleum and the well is expected to be spudded early next year. A further agreement has been reached to acquire a 20% stake in P1100, Blocks 20/4a and 20/9a containing the Polecat discovery in return for carrying a share of the cost of an appraisal well. The equity was acquired from Nexen Petroleum U.K. Limited. The initial Polecat discovery was drilled in 2005 when oil was discovered in the 20/4a-8 well and was successfully appraised by the 20/4a-9 well in 2010. The reservoir is Upper Jurassic Buzzard equivalent sandstones. The blocks lie to the east and south east of Atlantic Petroleum's Ettrick & Blackbird producing assets which are operated by Nexen Petroleum U.K. Limited. Operator of the licence, Nexen, plans to drill a further appraisal well in November 2012, after which a decision will be made on whether to develop the discovery. Ben Arabo, CEO, commented: 'With the addition of Polecat and Magnolia to the exploration and appraisal programme, Atlantic Petroleum will be participating in at least five exploration and appraisal wells in the UK North Sea and the Faroes over a 12 month period, making the Group one of the most active players in the area. The addition of the Magnolia and Polecat wells is another milestone in expanding Atlantic Petroleum's exploration and appraisal efforts to achieve a step change growth in shareholder value.' 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. 25/2012 Issued 25-09-2012 P/F Atlantic Petroleum P.O. Box 1228 Yviri vidh Strond 4 FO-110 Torshavn Faroe Islands Telephone +298 350 100 Fax +298 350 101 Website: www.petroleum.fo E-mail: petroleum@petroleum.fo News Source: NASDAQ OMX 25.09.2012 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: Atlantic Petroleum P/F Faeroe Islands Phone: Fax: E-mail: Internet: ISIN: FO000A0DN9X4 WKN: End of Announcement DGAP News-Service
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Torshavn, Faroe Islands, 2012-09-25 16:28 CEST (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA) today announces that the Group has reached agreements to acquire equity in two separate licences subject to regulatory consent, both of which have wells proposed to spud within the next six months. Agreement has been reached to acquire a 20% stake in P1610, Block 13/23a and P1766, Block 13/22d containing the Magnolia prospect in return for carrying a share of the cost of the initial exploration well. The equity was acquired from Summit Petroleum. The Magnolia prospect is a Lower Cretaceous stratigraphic pinchout play. The licences are located to the south and south east of the producing Captain Field in the Moray Firth and are also close to the Blake and Ross Fields. A rig has been contracted by the operator Dana Petroleum and the well is expected to be spudded early next year. A further agreement has been reached to acquire a 20% stake in P1100, Blocks 20/4a and 20/9a containing the Polecat discovery in return for carrying a share of the cost of an appraisal well. The equity was acquired from Nexen Petroleum U.K. Limited. The initial Polecat discovery was drilled in 2005 when oil was discovered in the 20/4a-8 well and was successfully appraised by the 20/4a-9 well in 2010. The reservoir is Upper Jurassic Buzzard equivalent sandstones. The blocks lie to the east and south east of Atlantic Petroleum's Ettrick & Blackbird producing assets which are operated by Nexen Petroleum U.K. Limited. Operator of the licence, Nexen, plans to drill a further appraisal well in November 2012, after which a decision will be made on whether to develop the discovery. Ben Arabo, CEO, commented: 'With the addition of Polecat and Magnolia to the exploration and appraisal programme, Atlantic Petroleum will be participating in at least five exploration and appraisal wells in the UK North Sea and the Faroes over a 12 month period, making the Group one of the most active players in the area. The addition of the Magnolia and Polecat wells is another milestone in expanding Atlantic Petroleum's exploration and appraisal efforts to achieve a step change growth in shareholder value.' 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. 25/2012 Issued 25-09-2012 P/F Atlantic Petroleum P.O. Box 1228 Yviri vidh Strond 4 FO-110 Torshavn Faroe Islands Telephone +298 350 100 Fax +298 350 101 Website: www.petroleum.fo E-mail: petroleum@petroleum.fo News Source: NASDAQ OMX 25.09.2012 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: Atlantic Petroleum P/F Faeroe Islands Phone: Fax: E-mail: Internet: ISIN: FO000A0DN9X4 WKN: End of Announcement DGAP News-Service
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