ATP Expands into Southern Gas Basin of the UK North Sea
ATP Oil & Gas Corporation (NASDAQ: ATPG), today announced its expansion through acquisition into the Southern Gas Basin of the U.K. North Sea. ATP Oil & Gas (U.K.) Limited, its wholly owned subsidiary, reached agreement with British Petroleum (NYSE: BP) to purchase two offshore properties with proved undeveloped reserves for an undisclosed amount.
The ATP acquisition includes BP's 100% interest in the 'Block 47/10 Discovery Area', which surrounds the 47/10-1 discovery made by BP in 1984. The U.K. Department of Trade and Industries (DTI) on February 22, 2001, issued the necessary production license to ATP to own the property. The second property acquired by ATP, subject to DTI and other licensee approval, is BP's 50% interest in the Venture Field (Block 49/21a North), which identified proved reserves by a well drilled in 1974. Conoco (NYSE: COC.B) is the owner of the remaining 50% interest in the Venture Field. Both properties, which are located in less than 120 feet (40 meters) of water, are planned for development in 2002.
"These acquisitions are an extension of ATP's successful business plan in the Gulf of Mexico, and we are confident that our experience as an operator and particularly our sub-sea completion expertise will prove invaluable as we develop these properties in 2002," said T. Paul Bulmahn, ATP President and CEO. The company currently operates 53 of its 56 offshore wells, owns 21 platforms and operates 9 subsea wells in the Gulf of Mexico and is active in acquiring and developing proven oil and gas reserves.