ATP Issues Update On Telemark, Cheviot Projects

ATP Oil & Gas Corp. on Tuesday announced continued progress with construction in China on the U.K. Cheviot Octabuoy hull, and with the Gulf of Mexico installation of the ATP Titan, the multi-hull drilling and production unit which will serve the Telemark Hub. ATP further announces a conference scheduling change.

The ATP Titan, on location at Mississippi Canyon 941, now has both topside modules installed and all 12 mooring lines are connected. Hookup and commissioning work is ongoing to prepare the facility to produce and process oil and gas. At Atwater Valley 63, the Ocean Victory drilling rig is completing the previously drilled well that will connect to the ATP Titan. The well with a total depth of 24,181 feet has been perforated and gravel packed in the first of three intervals, and the flow lines have also been installed from the well head to the ATP Titan.

Three additional wells at Mississippi Canyon 941 and 942 will be completed with a platform drilling rig to be installed on the ATP Titan. The first of the three, MC 941 #3, has already been previously drilled to total depth of 20,043 feet encountering 266 feet of net pay sands, approximately triple the 87 feet of net pay sands found in the original discovery well. Once all wells are connected and flowing, the Telemark project is designed to more than double ATP's existing company production. The project remains on schedule for first production in late first quarter 2010. ATP owns a 100% working interest and is the operator of the Telemark Hub.

Construction continues in China on the vessel hull of the Octabuoy designed to produce reserves in the Cheviot project in the North Sea. The hull block construction for ATP's re-usable floating production facility is approaching 50% completion and remains scheduled for completion in 2011. The octagonal ring pontoon is assembled and pontoon outfitting has been initiated. The Octabuoy will service ATP's U.K. North Sea Cheviot property with first production scheduled in 2012. Approximately 50 MMboe of remaining proved and probable reserves are expected. ATP owns a 100% working interest and will be the operator of the facility.

ATP Oil & Gas is focused on development and production of oil and natural gas in the Gulf of Mexico and the North Sea.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit