ATP Achieves First Production at Tors
ATP Oil & Gas announced first production from its Tors development located in Block 43/22 ("Kilmar" field) of the Southern Gas Basin of the U.K. North Sea. The Company's wholly-owned subsidiary, ATP Oil & Gas (UK) Limited, is the operator and owns an 85% working interest.
The Kilmar production is the first phase of the Company's development at Tors and is from the first well of at least four wells scheduled for Tors, which is located in 180 feet of water. As of December 31, 2005, ATP's published independent reserve reports estimated Tors at approximately 73 Bcfe net proved reserves and 42 Bcfe net probable reserves. When fully developed, ATP estimates Tors will add net production of approximately 50-75 MMcf/d to its current production levels.
T. Paul Bulmahn, Chairman and President of ATP, stated, "First
production at Tors significantly contributes to ATP's near-term ramp
in production. Also of significance is that it is in the North Sea
where developments are usually marked in terms of years and ATP
brought Tors to production in less than nine months from the issuance
of the field development plan approval. I commend both our U.K. team
and the involvement from our U.S. operations in achieving this
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