The appraisal well will test the expected reserve range of 1 to 6.5 MMboe with a most likely case of 3.5 MMboe in total. The total cost of the well will be £ 5.6 million (approx. 60 million DKK). Operations on the well are anticipated to take 18 days to complete and Atlantic Petroleum expects to announce the result shortly after the operation.
Atlantic Petroleum's share of the most likely discovered reserves is 875,000 boe, and the company's part of the appraisal investment is expected to amount to £1.4 million (approx. 15 million DKK).
If the results of the appraisal well are satisfactory, the development of the West Lennox field will follow and first oil is expected to be in third quarter 2006.
Wilhelm Petersen, Managing Director of Atlantic Petroleum comments as follows: "We are pleased to see the drilling operations underway on this exciting prospect. We are optimistic that this appraisal well will prove up further oil and gas reserves which will ultimately lead to a commercial oil and gas development."
License P.099 comprises the West Lennox discovery and the Crosby prospect: Block 110/14d and Block 110/14c.
The Partners are Challenger Minerals as operator with 35%; P/F Atlantic Petroleum with 25%; DYAS UK Limited with 20% and First Oil EXPRO Limited with 20%.
The West Lennox discovery is located in the East Irish Sea, approximately 4 km. west of the Lennox platform. The development decision will be taken later this year or in the beginning of 2006, depending on the result of the appraisal well.
The partnership expects that contracts with main suppliers will be signed in the beginning of 2006, again depending on the results of the appraisal well.
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