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Statoil Completes Drilling of 6706/12-3 Well

Source: www.gulfoilandgas.com 4/13/2015, Location: Europe

Through operator Statoil Petroleum AS in licence PL 602, Atlantic Petroleum is currently completing the drilling of exploration well 6706/12-3. The well is located approximately 12 km west of the Aasta Hansteen field in the northern part of the Norwegian Sea.

The purpose of the well was to prove presence of hydrocarbons in reservoir rocks of Late Cretaceous age, with the primary target being the Nise Formation and the secondary target being the Kvitnos Formation. The well encountered a total gas column of c 38 m in the Nise Formation of which c 30 m was in sandstones with very good reservoir quality. In the Kvitnos Formation, the well encountered water-filled sandstones of good reservoir quality. Preliminary volume estimates suggest that the discovery is between 2 and 7 billion Sm3 (c 70-250 bcf), very much in line with Atlantic Petroleum’s pre-drill estimates. The licence owners will consider the discovery in light of other nearby discoveries with respect to a tie back to the Aasta Hansteen field. The well was not formation tested, but extensive data acquisition and sampling were performed.

This is the first exploration well in licence PL 602. The licence was awarded 13th May 2011 and Atlantic Petroleum formally entered the licence in December 2014. The licence also contains numerous other prospects with seismic hydrocarbon indicators which represent a significant upside potential.

Well 6706/12-3 was drilled to a vertical depth of 3296 m below sea level and was completed in the Kvitnos Formation in the Upper Cretaceous. Water depth is 1287 m. The well will now be permanently plugged and abandoned. The well was drilled by Transocean Spitsbergen.

The partnership consists of Statoil 42.5%* (operator), Centrica 20%, Petoro 20&, Wintershall 10% and Atlantic Petroleum Norge 7.5%.

Ben Arabo, CEO, said: “We are very pleased with this discovery in the Roald Rygg prospect and we consider it likely that the discovery will be tied back to the Aasta Hansteen field, particularly in light of the recent Snefrid North discovery in the adjacent licence.”

Together with the Ivory gas discovery last fall, Atlantic Petroleum now has two interesting discoveries in the area. In addition, the company has access to numerous other exciting prospects in the licences PL 528/B, PL 602, PL 704, PL 705, PL 763 and PL 802.

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