FAROESE company Atlantic Petroleum has relinquished its stake in offshore UK licence P1211, comprising blocks 14/9a and 14/14b, in the Central North Sea, for money reasons.
This acreage holds the Anglesey Prospect, which is supposedly set for drilling this year.
Wilhelm Petersen, Atlantic’s MD, said: “Atlantic Petroleum’s cost exposure related to the well was potentially significant. Hence, we have found it prudent not to continue in this licence.
“The relinquishment also fits very well with our short-term strategy of postponing or reducing our overall exploration activities until actual exploration costs have been aligned with current oil-price expectations following the present global economic turmoil.”
Meanwhile, the company is now benefiting from the successful link-up of the UK North Sea South Chestnut oil pocket to the main Chestnut field operated by Venture Production.
Chestnut was brought on stream in September, 2008 and, by January 31, the initial well had produced 1.4million barrels of oil, of which 225,000 barrels are net to Atlantic.
Said Petersen: “For Atlantic Petroleum, the Chestnut field is very important.
“It is satisfying that a field discovered in 1986 has been developed through innovative concepts, despite low oil prices.”
