ATP Completes Well Work at Gomez Prospect
ATP Oil & Gas Corporation reports that it has completed the well work at its Mississippi Canyon 711 (Gomez) project. The drilling rig, Ocean Voyager, completed and made ready for production the first two wells in the first phase of development and is currently demobilizing. The Rowan Midland, the facility to serve as the production platform, will depart Rowan's yard when final conversion activities are completed. Each of the 12 permanent anchors has been set for connection to the polyester moorings which will serve as the anchoring base for the Rowan Midland at the well site. After the Ocean Voyager departs, the Rowan Midland will arrive on location to complete its mooring and final hookup.
"Hurricane Katrina caused an approximate 70-day delay from the time the Ocean Voyager moved off location to conduct hurricane repairs," said Leland Tate, Chief Operating Officer for ATP. "In spite of the weather delay, I compliment our staff of professionals in moving ATP toward our production goal at Gomez. While we will not make a year-end start-up, we are confident that it can be placed on production in the very early part of 2006."
Development operations remain on schedule at the Tors development in the UK Sector North Sea. The drilling rig, Ensco 70, is currently drilling at 10,400' MD ("measured depth") with a bottom-hole objective of 15,100' MD. When drilling and completion operations are concluded ATP will commence first production, from its platform which is already in place with the pipelines connected.
Well and facility work are complete at the L06d development in the Dutch Sector North Sea. After testing and commissioning of third-party infrastructure for processing of L06d gas, ATP will initiate first production.
Chairman & President of ATP T. Paul Bulmahn stated, "I commend our employee team efforts for developing ATP's largest project during a severe hurricane season. In recognition of these efforts while encountering obstacles beyond their control, ATP will extend the 2005 Employee Volvo Challenge Program past the December 31 deadline for first production at Gomez in recognition of the extent of delays experienced, as long as all of the other goals of the challenge are achieved. We look forward to announcing first production at Gomez, Tors, and L06d."
About ATP Oil & Gas
ATP Oil & Gas is focused on development and production of natural gas and oil in the Gulf of Mexico and the North Sea. The Company trades publicly as ATPG on the NASDAQ National Market.
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