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FO-ATLA
Atlantic Petroleum farms into a new exploration licence offshore Ireland   28.3.2007 11:16:22
Flokkur: Fyrirtækjafréttir   Færeyskar fréttir      Íslenska  English
Atlantic Petroleum today announces that it will farm into a new exploration licence, Standard Exploration Licence No

Atlantic 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.

 

Standard Exploration Licence 3/07 comprises part blocks 48/29, 48/30 & 49/26 in the North Celtic Sea Basin. 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.

 

The OBS (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:

 

Providence 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

 

 

Further Details

Further details can be obtained from Wilhelm Petersen, Managing Director, tel +298 350 100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager, tel +298 350 100 (teiturs@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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