Atlantic slims down Faroes acreage

Atlantic Petroleum has approved the work program allowing Faroese offshore license 014 to progress into the next exploration phase.

Offshore staff

TÓRSHAVN, Faroe Islands -- Atlantic Petroleum has approved the work program allowing Faroese offshore license 014 to progress into the next exploration phase.

This follows two years of technical studies and an assessment of the prospectivity of licenses 013 and 014.
This work identified areas that should be retained and those with potentially high-impact exploration structures. As a result, the southern area of license 014, containing the Marselius structures, will be kept, while the northern area will be relinquished.

License 013 will be fully relinquished as Atlantic views prospectivity here as limited.

On license 014, the work commitment involves acquiring a new infill 2D seismic survey to complement seismic data shot in 2006, and creation of a pseudo-3D volume over the retained area.

This work will be performed prior to Jan. 17, 2013, by which point the company hopes to have identified drill-worthy prospects. Atlantic Petroleum has 40% equity in the license – operator Sagex holds the remaining 60%.

4/21/2011

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