Atlantic Petroleum Acquires Interest in Barents Sea Block

Atlantic Petroleum has reached an agreement with Det norske oljeselskap ASA  to acquire a 10% interest in the Norwegian Licence PL659 in return for carrying a share of the cost of the upcoming exploration well. The agreement is subject to approval by the Norwegian authorities.

Det norske is the operator of the Licence now 20%. Other licence partners are Petoro 30%, Lundin 20%, Tullow Oil 10%, Rocksource 5% and Ithaca 5%.

PL659 is located in the Barents Sea (Norway) and was awarded in February 2012 (APA 2011) with a firm well + 3D seismic commitment. The licence consists of 7 blocks/part blocks and covers 1,462 sqkm. The rig Transocean Barents has been contracted and will drill an exploration well to target the Langlitinden Prospect. The well is expected to spud in January 2014 and is expected to drill 51 days.

Related: Atlantic Petroleum Successfully Completes Oslo Børs IPO

The Langlitinden well will test an unrisked volume 154-374 mmboe in the main target interval (operator numbers), and is considered to be a low to moderate risk prospect where both oil and gas can be present. In addition several other prospects and leads have been identified within the licence, and on success in Langlitinden these will be significantly de-risked. Another discovery (the 7222/11-1, oil and gas discovery) was made on this licence in 2008.

Ben Arabo, CEO, said: “We are looking forward to participating with Det norske and partners in the Langlitinden well. The well is a milestone for Atlantic Petroleum, as it will be the first well that the Company drills on the Norwegian Shelf. The Langlitinden will also be the first well in the 2014 programme followed by the UK Pegasus appraisal well planned for March 2014.”

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Press Release, December 19, 2013