Atlantic Prepares to P&A at Hook Head Offshore Ireland

Atlantic Petroleum announced that the 50/11-4 well, on the north-west flank of its Hook Head oil discovery offshore southern Ireland in Standard Exploration License 2/07, is to be plugged and abandoned. The well encountered 30 feet of net hydrocarbon pay in the shallow secondary target and residual oil shows in the primary objectives. The rig will be moving to the Dunmore location and is expected to commence drilling within ten days.

The Hook Head appraisal well (50/11-4) was drilled on the north-west flank of the Hook Head structure using the Transocean semisubmersible GSF Arctic II rig; it was spudded on August 5, 2008. The well was successfully drilled to a total depth (TD) of 4,875 feet true vertical depth subsea (TVDSS). All geological horizons in the Wealden sand package were within the pre-drill depth prognosis and oil and gas shows were encountered whilst drilling. The well encountered 30 feet of net hydrocarbon bearing Lower Cretaceous sands above the primary objective. The same age sands were logged as being hydrocarbon bearing in the 50/11-3 well, located about 2.3 km to the south-east. Reservoir quality across these intervals was excellent with average porosities of about 27%. This well is the fourth well to be drilled on the Hook Head structure, all of which have logged hydrocarbons.

However, given that the net hydrocarbon bearing intervals in the 50/11-4 well were substantially less than were expected in the pre-drill estimates, the Company and its partners took the decision to plug and abandon the 50/11-4 well. The initial well results suggest that the majority of the Hook Head resource lies in the central part of the structure already demonstrated by the 50/11-1 and 50/11-3 wells, however, the north-west flank could potentially provide additional incremental resources for any future development in the area. The 50/11-4 well results will now be integrated into the Hook Head full field model before finalizing forward plans for the accumulation.

In the meantime, and as per program, the Company has now started the process to move off Hook Head and mobilise the Arctic II drilling unit to the Dunmore oil appraisal well (50/6-D), located approximately 20 kilometers to the north of Hook Head. Drilling on Dunmore is expected to commence within 10 days.

Commenting on the well, Wilhelm Petersen, Managing Director of P/F Atlantic Petroleum, said, "The results of the well were not as anticipated. Further work is required to integrate the results of this well with the other wells in the field to determine the future work program for Hook Head. We are looking forward to starting operations on the Dunmore well."

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