Petroleum today announces that it will farm into a new exploration licence,
Standard Exploration Licence No. 3/07, in the Celtic Sea Basin over the Blackrock discovery. The
farm-in is subject
to approval from The Minister for Communications, Marine and Natural Resources,
and final agreement with the partnership.
Exploration Licence 3/07 comprises part blocks 48/29, 48/30 & 49/26 in the North Celtic
Licence No. 3/07 is a successor licence to Licensing Option 03/1, which
contains the Blackrock oil discovery.
The Operator Providence successfully concluded an OBS
Survey over the Blackrock oil discovery and the analysed data supports the 2004
post-drill interpretation that additional hydrocarbons may exist between the 2
well control points.
(Ocean Bottom Seismic) survey over the Blackrock oil discovery was carried out
on the Operator Providence’s behalf in November 2006 by the Ocean Bottom
Instrument Consortium (OBIC). The data have since been processed and
interpreted by OBIC. The results support the post-drill interpretation of the
2004 Blackrock well and indicate the potential presence of additional
hydrocarbons between the existing well control points. In addition to the OBS
data, multi-channel reflection seismic data were acquired along two transects
over the crest of the Blackrock structure. These lines indicate that the
crestal area is larger than had been previously mapped and also indicates the
possible presence of a gas chimney. These encouraging data will now be factored
into the assessment of future drilling plans and locations.
The farm-in follows on from the recent announcements
where Atlantic Petroleum farmed into Standard Exploration Licence 2/07 on
similar equity positions.
Subject to Irish governmental approval and partners
approval the partners in the licence will be:
Resources Plc 40% (Operator), Challenger Minerals (Celtic
Sea) Limited, 15%, Dyas BV 15%, Forest Gate Resources Inc
15%, Atlantic Petroleum (Ireland)
Limited 10% and Midmar Energy Limited, 5%
For more information about this licence see: http://www.providenceresources.com
details can be obtained from Wilhelm Petersen, Managing Director, tel +298 350
or Teitur Samuelsen, Financial Manager, tel +298 350 100 (email@example.com). This announcement will be
available, together with other information about Atlantic Petroleum, on the
company’s website: www.petroleum.fo.