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Atlantic Found Gas in Pegasus West

Source: www.gulfoilandgas.com 9/12/2014, Location: Europe

P/F Atlantic Petroleum announces that drilling, Logging While Drilling (LWD) and wireline logging information indicates the presence of gas in the 43/13b-7 well. Following the analysis of cores and all other available data, the P1724 joint venture has decided to drill stem test the well.

The well is being drilled with the Paragon 391 jackup rig in a water depth of about 95 feet and approximately 7 km WSW of the 43/13b-6Z Pegasus North discovery well. The Pegasus West well lies in the Southern North Sea, close to the producing Cavendish Field, and had a Carboniferous gas objective.

The well is operated by Centrica Energy who hold a 55% interest in the licence. Atlantic Petroleum holds 10% equity and the remaining equity 35% is held by Third Energy Offshore.

Ben Arabo, CEO, commented:
“We are excited with the results of the well so far and looking forward to the results of the drill stem test. If testing is successful, this will help to de-risk a future Pegasus development. This well is part of a programme that we have matured and built up over the last years. We are now unlocking the potential of our UK Southern Gas Basin acreage and will be adding further wells in the area 2015.”

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