Published: 2014-07-14 11:58:43 CEST
Atlantic Petroleum P/F
Company Announcement

Drilling commences on the 43/13b-7 Pegasus West well on UK Licence P1724

Tórshavn, Faroe Islands, 2014-07-14 11:58 CEST -- Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces that drilling of the Pegasus West well 43/13b-7 has commenced on P1724 in the UKCS.

The well is being drilled with the Noble Julie Robertson jackup rig in a water depth of about 95 feet. Pegasus West is being drilled approximately 7 km WSW of the 43/13b-6Z Pegasus North discovery well. This well was drilled in 2010 by Centrica Energy and Volantis Exploration, now a subsidiary of Atlantic Petroleum, and was plugged and abandoned in January 2011 having encountered gas in the Carboniferous. The Pegasus West prospect lies in the Southern North Sea, close to the producing Cavendish Field, and has a Carboniferous gas target. The rig is expected to be on location for over two months.

The well is operated by Centrica Energy who hold a 55% interest in the licence. Atlantic Petroleum holds 10% equity and the remaining equity 35% is held by Third Energy Offshore.

Ben Arabo, CEO, stated:

“We are very pleased to announce the spud of the Pegasus West well. The well is designed to delineate the extent of the Pegasus Field, and if successful help to de-risk any future Pegasus development. This is Atlantic Petroleum’s third of four exploration wells in our planned 2014 drilling programme."

 

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 45 oil and gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, 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.

On the website, it is also possible to sign up for the Company’s e-mail newsletter.

 

Announcement no.30/2014

Issued 14-07-2014

         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