ATP Oil & Gas Corporation Increases Tors Ownership

abarrelfullabarrelfull wrote on 26 Jun 2014 11:51

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ATP Oil & Gas Corporation (Nasdaq: ATPG) announced today that it has increased its ownership to 100% in the Tors fields in the Southern Gas Basin of the UK North Sea. ATP Oil & Gas (UK) Limited, a wholly-owned subsidiary, acquired the remaining 25% ownership interest pursuant to a Sale and Purchase Agreement with Gaz de France (GDF). The Secretary of State for Trade and Industry (DTI) gave approval for ATP Oil & Gas (UK) Limited to have a 100% interest in the Tors fields and to act as the sole development and production operator. That approval gives increased ability to ATP to effectuate control of costs and address the timing of the development.

The Tors fields in the Southern North Sea consist of the Kilmar and Garrow Fields. Kilmar, comprised of two separate gas accumulations, is east of Garrow in 185' of water. Development plans for Kilmar include a production platform and a 22 km pipeline laid to an offset host platform. Garrow, in 170' of water, will be developed also with a production platform and a 23 km pipeline over to the ATP Kilmar platform.

T. Paul Bulmahn, Chairman and President of ATP stated, "This acquisition allows the Company to possibly accelerate development activities and increases our proved reserves to over 100 Bcfe in the North Sea. The multiple wells scheduled for development at the Tors in the UK sector of the North Sea are presently part of our 2006 development program. We still have not finalized the reserves at our Cheviot property in the UK North Sea, which is still being evaluated. In addition to the Cheviot Field, we are currently underway with the development of our first project in the Dutch sector of the North Sea. With these projects in development, we anticipate the North Sea to play an increasingly important role in the future of ATP."

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