ATP Oil & Gas has increased its ownership to 100% in the Venture field (Block 49/12a North) in the Southern Gas Basin of the UK North Sea. ATP Oil & Gas (UK) Limited, a wholly-owned subsidiary, acquired the remaining 50% ownership interest pursuant to a Sale and Purchase Agreement with ConocoPhillips (UK) Limited subject to the approval of the Secretary of State for Trade and Industry (DTI). This 100% ownership will allow ATP to proceed effectively with the field development plan approval process.
The Venture field in the Southern North Sea is located 145 km east of Humberside in 75' of water. The reservoir formation is located at approximately 10,500' TVDSS. The field has been defined by two vertical wells that have been tested at rates of 35 MMcf/d and 74 MMcf/d. Development plans for Venture include a production platform and a pipeline to an offset host platform with planned production for the first half of 2007.
"ATP continues its aggressive growth in the North Sea," said Gerald W. Schlief, ATP's Senior Vice President. "This increase in ownership allows the Company to accelerate development activities and increases our proved reserves in the North Sea."
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