Nexen Spins Bit at Polecat Appraisal

Faroe Islands-based Atlantic Petroleum announced Tuesday that its partner Nexen has spud the 20/4a-11 Polecat appraisal well on UK Licence P1100 in the Moray Firth.

The Polecat well is being drilled with the Transocean GSF Arctic III (mid-water semisub) rig in a water depth of 369 feet, near to the Ettrick and Blackbird producing fields that Atlantic Petroleum has interests in. The well will target Upper Jurassic reservoirs and is expected to take around 50 days to complete.

Polecat is operated by Nexen, which holds an 80 percent interest in the license. Atlantic Petroleum has a 20-percent interest thanks to a farm-in deal negotiated earlier in 2012.

"We are delighted to announce the spudding of the Polecat appraisal well, which is the fourth well in our on-going five well program. The well further builds our position in the Moray Firth, which is already a core area for our UKCS activities, with Ettrick and Blackbird providing a large portion of our existing production," Atlantic Petroleum CEO Ben Arabo commented.

Atlantic's five-well program began with Orchid, a well on UK Licence P1556 that was drilled in March/April this year and discovered oil. Its third well, Spanish East, spud in mid-October and is expected to be completed by the end of November.

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