Atlantic Petroleum reduces production guidance

P/F Atlantic Petroleum, an oil company based in Tórshavn, Faroe Islands, is reducing its oil production forecast for the year.

The company today announced that during the month of October, Atlantic Petroleum produced a net total of 51,000 barrels of oil equivalents (boe) from the Chestnut, Ettrick and Blackbird fields in the UK North Sea.

The average daily production was 1,645 boe per day (boepd) net to Atlantic Petroleum. This is lower than September due to a short planned shutdown on Chestnut and minor production interruptions on Ettrick and Blackbird.

Atlantic Petroleum lowers its production guidance for the year to 1,520 – 1,600 boepd. The company has explaind that this is due to a combination of the second Blackbird well coming onstream later than planned, longer than anticipated annual shut-down on the Aoka Mizu FPSO and an operational issue with one of the Chestnut wells.

The plan is to rectify the operational issue on the Chestnut well towards the end of the year. EBITDAX guidance remains as previously announced (DKK 125MM – 175MM).

An announcement summarising the results of the 43/13b-7 Pegasus West well test has been delayed, as testing has been more extensive than originally anticipated and is now expected in November.