Tórshavn, Faroe Islands, 2015-02-23 07:58 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum P/F (“Atlantic Petroleum”) (NASDAQ OMX COPENHAGEN: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that the PL602 partnership has decided to drill a well to test the Roald Rygg Prospect in PL602. The well is planned to be drilled in 2015.
PL 602 is located in the Vøring Basin, immediately close to the Luva, Snefrid and Haklang discoveries which will be developed as the Aasta Hansteen Field. In addition to the Roald Rygg prospect the PL602 license contains several other prospects and leads that provide exiting follow up potential.
CEO Ben Arabo comments: “We are excited to participate in the well following our farm down agreement with the operator Statoil which will bring our ownership down from 10% to 7.5%, subject to government approval. This well has the potential to deliver significant gas resources in an area where gas infrastructure is being developed.”
The current partnership in PL 602 consists of Statoil Petroleum AS (Operator, currently 30%), Petoro (20%), Centrica Resources (10%), Atlantic Petroleum Norge AS (currently 10%), Rocksource Exploration Norway AS (currently 10%) and Wintershall Norge (10%).
Atlantic Petroleum in brief:
Atlantic Petroleum is a full cycle exploration and production (E&P) Group focused on North West Europe. Atlantic Petroleum currently holds around 34 oil and gas licences in the UK, Norway, and Ireland, and has three fields in production in the UK part of the North Sea. In addition to this, the Group has one field under development with first oil expected in 2016, two additional potential development projects and a substantial number of exploration prospects. Atlantic Petroleum participates in joint ventures with 30 reputable, international partners. Atlantic Petroleum’s main office is located in Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices in London, UK and Bergen, Norway. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.
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.
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Announcement no.07/2015
Issued 23-02-2015
P/F Atlantic Petroleum
Yviri við Strond 4
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