Offshore staff
HOUSTON -- ATP has completed the acquisition of a percentage working interest in a number of US Gulf of Mexico blocks and in one North Sea property.
The company now owns a 50% working interest in Aconcagua (Mississippi Canyon block 305), a 16.67% working interest in Camden Hills (Mississippi Canyon block 348), and an additional 25.83% interest in the Canyon Express Pipeline Common System.
Aconcagua currently produces approximately 10 MMcfe/d net to ATP. Camden Hills produced previously, but currently is shut-in. Both Aconcagua, in 2,079 m (6,820 ft) of water, and Camden Hills, in 2,168 m (7,112 ft) of water, along with the company's King's Peak field, produce through Canyon Express. ATP now owns a 45.08% interest in Canyon Express as a result of the acquisition.
ATP says it completed the transaction primarily to acquire the undeveloped reservoirs on Aconcagua, for further study of Camden Hills, and to expand its interest in the King's Peak/Canyon Express hub area. The company expects to be named operator of Aconcagua and Canyon Express, and plans further development of Aconcagua beginning in 2009.
ATP also has increased its working interest from 50% to 100% at Ship Shoal block 351 in 107 m (350 ft) of water. Drilling is planned to begin in the first quarter.
The company acquired a property in the North Sea as well. It now has a 100% working interest in block 49/12B adjacent to its Wenlock property in the Southern Gas basin in the UK sector of the North Sea. The company plans to develop the reserves at Wenlock in 2007, and drill block 49/12B in 2008. ATP is the operator of SS 351 and block 49/12B.
01/10/2007
