ATP Commences Production from its Eugene Island Field
ATP Oil & Gas commenced first production from its two successful developments: the first, at Eugene Island Block 71 A-2 (EI 71) and, the second, at West Cameron 101 (WC 101). The combined production from these two fields increases ATP's current net production to approximately 73 MMcfe of natural gas equivalent per day.
ATP commenced production from the EI 71 field, in 22 feet of water, by drilling a dual completion and utilizing a tieback to the Company's existing platform at Eugene Island 30. The WC 101 well, in 43 feet of water, was completed in two zones. At WC 101, ATP reused a platform deck from another location in the Gulf of Mexico that ATP had recently abandoned after total depletion of the reserves. ATP operates both EI 71 and WC 101 with a 100% working interest and net revenue interest of 80.2% at EI 71 and 73.3% at WC 101.
"We are pleased to announce our first several 2003 development successes in our core area of the Gulf of Mexico," said T. Paul Bulmahn, ATP's Chairman and President. "Economically the projects are attractive to ATP and we were able to rapidly bring these properties to production by using our own infrastructure and reusing a recently abandoned platform deck."
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