ATP begins drilling Shimshon well in Mediterranean Sea

ATP Oil & Gas (NASDAQ:ATPG) and ATP East Med B.V. have started drilling at the Shimshon well in the Levant basin offshore Israel with the Ensco 5006 drilling unit.

Offshore staff

HOUSTON— ATP Oil & Gas (NASDAQ:ATPG) and ATP East Med B.V. have started drilling at the Shimshon well in the Levant basin offshore Israel with the Ensco 5006 drilling unit.

The Shimshon well is in a water depth of 3,622 ft (1,104 m) with a target depth of 14,764 ft (4,500 m). After spudding, several protective casing strings will be set until the well has penetrated the salt layer. A full set of electric logs will be run at total depth to assist in evaluation of target reservoirs.

ATP expects to announce results during 3Q 2012. ATP through ATP East Med operates with a 40% working interest.

In March 2011, partner Isramco Negev received an independent reservoir engineering evaluation from Lockwood & Associates estimating gross potential natural gas reserves at Shimshon in the range of 1.5-3.4 tcf, with a total geological and geophysical exploration probability of success of 20%.

4/30/2012

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