As a result of a recent amendment to its financing agreement, ATP has accelerated the development of Gomez. Anticipated first production is now scheduled during the early part of the fourth quarter 2005 instead of early in 2006. In addition to the No. 4 ST1, ATP plans to reenter and complete a second Gomez well in 2005. ATP is the operator with a 99% working interest.
T. Paul Bulmahn, Chairman and President of ATP stated, "Gomez is potentially the largest ATP property to date in the Gulf of Mexico. Being able to accelerate it should have a material impact on our production and cash flows in 2005. We are continuing to complete our 2004 development program and it is a testament to our staff that we already have begun the first of several 2005 developments."
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