ATP Acquires Licenses Offshore Israel

ATP O&G Corporation and its wholly-owned subsidiary, ATP East Med BV, have acquired the Shimshon, Daniel East and Daniel West licenses in offshore Israel.

The company plans to spend between $3 and $5 million, this year, for acquisition costs, seismic and preliminary exploration plans. ATP East Med, as operator, has assumed the drilling contract with Transocean Drilling Israel for the Sedco Express semisub.

ATP plans to start exploratory drilling during the second quarter 2012 at the Shimshon location. The operator expects to spend $24 to $29 million in 2012 to drill the first exploratory well on the Shimshon license.

ATP notes that Isramco Negev, its partner in Shimshon received an independent reservoir engineering analysis from Lockwood & Associates. The company estimates gross potential natural gas reserves at Shimshon to be 20% with the best estimate of gross recoverable gas of 2.3 tcf. 

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