ATP Oil & Gas Announces First Production Success of Garden Banks 409

abarrelfullabarrelfull wrote on 07 May 2014 06:40

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Sept. 25, 2001

ATP Oil & Gas Corporation (Nasdaq: ATPG) announced first production from its two successful deepwater wells in its Garden Banks Block 409 Field, known as "Ladybug." The gross production level for Ladybug is estimated at 8,000 barrels of oil per day and 6 MMcf of natural gas per day, or approximately 3,100 Bopd and 2.5 MMcf per day net to the company's interest. ATP commenced production from the Garden Banks Block 409 Field by utilizing two six-inch eighteen-mile flowlines. Ladybug is the company's first deepwater subsea development project (approximately 1,360 feet of water depth). ATP and Unocal Corp. (NYSE: UCL) each hold a 50% working interest, with ATP as operator. ATP is one of the most active operators utilizing subsea technology in the Gulf of Mexico.

With the inception of production from Ladybug, ATP has increased its net production to approximately 90 MMcfe per day and expects record production in 2001. ATP has already surpassed its stated goal of increasing proved reserves in 2001 by more than 200% of current year projected production. After nine years of activity, on December 31, 2000 ATP had 125 Bcfe of proved reserves; in 2001 after eight months, on August 31, ATP recorded 210 Bcfe of proved reserves.

"We are pleased to have proven our capabilities in deepwater with our Ladybug project and we are delighted with the continued expansion of our business plan to acquire, develop and produce in deeper waters," said T. Paul Bulmahn, ATP's Chairman and President.

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