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Atlantic Petroleum begins drilling on the 13/23a-7 Magnolia exploration well offshore UK

Tórshavn, FAROE ISLANDS -- Atlantic Petroleum announced that the 13/23a-7 Magnolia exploration well on UK Licence P.1610 has been spudded.

The well is being drilled with the Diamond Offshore Ocean Nomad semi-submersible rig in a water depth of about 360 ft. The Magnolia prospect lies in the Inner Moray Firth close to the producing Captain field with predicted Lower Cretaceous stacked reservoirs. The well is expected to take around one month to complete.

The well is operated by Dana who holds a 45% interest in the licence. Atlantic Petroleum has 20% equity, with the remaining equity held by Summit 25% and Trap Oil 10%.

Ben Arabo, CEO, commented, “We are pleased to announce the spud of the Magnolia well, following the completion of our deal to get into the prospect in September last year.  Magnolia is an exciting prospect, testing a concept which could add significant resources to Atlantic Petroleum if successful “




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