Tórshavn, Faroe Islands, 2012-11-06 08:14 CET (GLOBE NEWSWIRE) -- Atlantic Petroleum (OMX: FO-ATLA) announces that the Spaniards East well in UK Block 15/21a (Atlantic Petroleum equity 3.24%) has reached a total depth of 10,694 feet and is being plugged and abandoned as a dry hole. The well encountered 75 feet of Jurassic sands but these were shown to be water wet on the logs.
Ben Arabo CEO of Atlantic Petroleum comments: “Whilst it is disappointing not finding oil in Spaniards East, the well does not have a cost impact for Atlantic Petroleum, as our interest was carried. We now look forward to the results of our on-going two wells – the Faroes Brugdan II exploration well and the UK Polecat appraisal well.”
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. 31/2012
Issued 06-11-2012
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