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Israel: Pinnacles Delivers First Gas

Israel’s  Delek Group has been informed by the operator, Noble Energy Mediterranean Ltd., that on June 12, 2012, development of Pinnacles #1 was completed and gas began to flow from it.

Pinnacles offshore well was recently linked by a subsea pipeline to the nearby Mari B production platform. Helix ESG’s reeled pipelay vessel, Express, which in April arrived at the port city of Haifa, Israel, completed the SURF (Subsea Umbilicals, Risers and Flowlines) work.

According to the Israel-based financial newspaper The Globes, Pinnacles well will produce 150 million cubic feet of gas per day.

Noble Energy Mediterranean Vice President Lawson Freeman told The Globes that the company was excited to bring the Pinnacles well on stream. He also added that the company was pushing hard to accelerate the Noa development in the same way.

Development of the Noa field is geared to allow for additional supplies of natural gas to the Israeli market, until the start of natural gas supplies from the Tamar project in early 2013.

Source

USA: ATP Resumes Recompletion Works at Telemark Hub

ATP Oil & Gas Corporation today announced that it has resumed recompletion operations at the Mississippi Canyon (MC) 941 A-2 well at the company’s Telemark Hub. The recompletion was suspended while the company recovered a piece of tubing that was stuck in the casing.

All of the tubing has now been removed from the casing. The MC 941 A-2 recompletion operations to perforate and frac-pack the B upper and lower sands are expected to conclude during second quarter 2012. MC 941 is located in the Mirage Field at the Telemark Hub location utilizing the ATP Titan floating drilling and production platform.

ATP operates the ATP Titan and Telemark Hub which is in approximately 4,000 feet of water with a 100% working interest and holds a 100% ownership in ATP Titan LLC which owns the ATP Titan and associated pipelines and infrastructure.

ATP Oil & Gas is an international offshore oil and gas development and production company with operations in the Gulf of Mexico, Mediterranean Sea and the North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market. For more information about ATP Oil & Gas Corporation.

Source

USA: ATP Provides Reserves and Production Update

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ATP Oil & Gas Corporation today announced an increase in its estimated year-end 2011 proved and probable pre-tax PV-10 value to $7.3 billion based on SEC pricing, up 52% from $4.8 billion at year-end 2010.

ATP also provided an update on production for full-year 2011 which averaged an estimated 24.6 thousand barrels per day (MBoe/d), an increase of 17% over 2010.

Reserves – ATP estimates year-end 2011 proved reserves of 118.9 MMBoe compared to 126.1 MMBoe at year-end 2010. ATP estimates proved and probable reserves of 194.4 MMBoe at year-end 2011, compared to 211.3 MMBoe at year-end 2010. The changes were primarily a result of production of 9.0 MMBoe in 2011 and revisions to oil and gas reserves. On a Boe basis, ATP estimates that oil and natural gas liquids (NGLs) represent 66% of its year-end 2011 proved reserves and 65% of proved and probable reserves, compared to 60% and 59%, respectively, at year-end 2010.

ATP estimates a year-end 2011 SEC pre-tax PV-10 value of $4.2 billion for its proved reserves and $7.3 billion for its proved and probable reserves, compared to $2.6 billion and $4.8 billion, respectively, at year-end 2010. This increase is primarily a result of pricing, but other factors include timing and an increase in oil and NGL reserves.

Since independent reservoir engineers are finalizing estimates of ATP’s oil and natural gas reserves for year-end 2011, ATP will issue its final reserve amounts utilizing SEC pricing and reconciliation in conjunction with filing its Form 10-K, anticipated in March 2012.

Production – ATP’s production in the fourth quarter 2011 averaged 24.8 MBoe/d compared to 24.2 MBoe/d in the third quarter 2011. The fourth quarter average benefited from a 1.4 MBoe/d recognition of royalty relief related to 2010 production. Not including this benefit, average production in the fourth quarter was 23.4 MBoe/d, of which 70% was oil, compared to 69% in the third quarter 2011. ATP intends to conduct the previously announced sleeve shift at the Mississippi Canyon (MC) 941 A-1 well in the first quarter 2012 after production is established at the MC 942 #2 well. This sleeve shift had previously been scheduled in the fourth quarter of 2011. ATP estimates that opening the sleeve in the MC 941 A-1 well will increase production by 1.5 MBoe/d.

ATP anticipates an increase in production from the completion of the MC 942 #2 well during the first quarter 2012 and an increase later in the year with the installation of the pipeline for the two Clipper wells that were completed and tested in 2011. The installation of the Clipper pipeline is scheduled to begin in the third quarter 2012 with production expected in the late third quarter/early fourth quarter 2012.

ATP Oil & Gas is an international offshore oil and gas development and production company with operations in the Gulf of Mexico, Mediterranean Sea and the North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market.

Source: ATP Oil & Gas, February 24, 2012

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