ATP Oil & Gas has been awarded High Island Block A-589, the third of three blocks for which it was the apparent high bidder at the August 2005 Western Gulf of Mexico Offshore Lease Sale. On this block, one well with two side tracks was drilled in 478' of water to a total depth of 10,210' TVD in 1998, and approximately 52' of apparent gas pay in three zones was logged in this well. ATP will pay approximately $2.2 million for High Island Block A-589 and ATP will be the operator with a 100% working interest.
Senior Vice President Gerald W. Schlief said, "This property should be a high priority development for ATP with possible development operations in 2006. During 2005, ATP acquired a total of 10 offshore blocks resulting in ATP's best year ever for acquiring offshore lease sale blocks."
In October, the Minerals Management Service awarded two other blocks, Garden Banks 228 and High Island A-391, to ATP from the August lease sale. ATP will spend approximately $2.8 million for all three blocks.
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