Atlantic Petroleum Starts Pegasus West Well Drilling

Atlantic Petroleum 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.”

Press Release, July 14, 2014