OilVoice - Atlantic Petroleum Announces Results of Crosby Well

Atlantic Petroleum Announces Results of Crosby Well

Wednesday, June 24, 2009

P/F Atlantic Petroleum the international upstream oil and gas company, announces that the Crosby 110/14d-8 exploration is being plugged and abandoned as a dry hole. The well was drilled on UK licence P099 in the East Irish Sea Basin with the Ensco 92 jackup rig.

The well was spudded on 10th June 2009 and was drilled to a total depth of 4572 feet MD. The Triassic Sherwood Sandstone reservoir was encountered but proved to be water wet.

Participants in the well are Challenger Minerals (North Sea) Limited 32% (operator), Dyas UK Limited 20%, First Oil Expro Limited 20%, AFEX Oil and Gas UK Limited 12.5%, Palace Exploration Company 8% and Atlantic Petroleum UK Limited 7.5%.

Wilhelm Petersen, CEO, commented:
“Whilst the results of the well are disappointing, we recognise that exploring for oil and gas is associated with risk, and in drilling the Crosby well we are satisfied that the management of both operational and financial risk has been successful. As an active E&P company we are, in line with our strategy, evaluating new development and exploration opportunities on a continuous basis.”