ATP has discovered additional pay sands at the Mirage Prospect located at Mississippi Canyon Block 941(MC 941) at ATP's deepwater Telemark Hub in the Gulf of Mexico. The MC 941 #3 well, located in approximately 4,000 feet of water, encountered more than 250 feet of logged net oil and gas pay, more than doubling the pre-drill estimates. The 7 5/8 inch casing has been set at 17,089 feet measured depth through the pay intervals. Mirage is one of the three Telemark Hub fields that will be tied back to the ATP Titan to be located at MC 941. ATP has a 100% WI and is the operator of the Telemark Hub.
Commenting on the announcement, ATP Chairman and CEO T. Paul Bulmahn stated, "ATP is exceptionally pleased with these initial results. Not only have we encountered the development sands at greater thicknesses than expected but we have logged other hydrocarbon-bearing sands that were not present in the original wells, beyond even what was discussed and projected at the ATP Titan post-christening breakfast update held on August 27th. These additional pay sands should lead to upgraded production and reserve estimates greater than currently booked in our third party reserve reports, and we were already predicting ATP's Telemark Hub is projected to more than double ATP's production beginning in 2010."
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