Drilling Starts at Orchid Prospect in UK North Sea

P/F Atlantic Petroleum announces the commencement of operations on the 29/1c-9 Orchid exploration well on UK Licence P.1556 in the Central North Sea.

The well is being drilled with the Sedco 711 semi-submersible rig in a water depth of about 290 ft, near to the producing Bittern and Kyle fields. The well will target a four-way dip closure at both Tertiary and Chalk levels and is expected to take 35-40 days to complete.

The well is operated by Summit Petroleum who holds a 45% interest in the licence. Atlantic Petroleum has 10% working interest resulting from a farm-in deal negotiated in 2011. Other partners are Valiant Petroleum (30%) and Trap Oil (15%).

Ben Arabo, CEO, commented:

“We are very pleased to announce the beginning of our exploration and appraisal well programme for 2012. Orchid will be followed mid-year by the Brugdan II well in the Faroe Islands and the Spaniards well to be drilled in the latter part of 2012.“

[mappress]
Atlantic Petroleum, March 8, 2012