ATP draws up plans for Israel well

Offshore staff

HOUSTON – ATP Oil & Gas and its subsidiary ATP East Med have acquired interests in three licenses offshore Israel – Shimshon, Daniel East, and Daniel West.

ATP East Med, as operator, has taken on the drilling contract with Transocean Drilling Israel to use the Sedco Express at the Shimshon location. Drilling here (ATP 40%) should start in spring 2012.

The company expects to spend $3-5 million this year off Israel, comprising acquisition, seismic, and preliminary exploration plans. Next year’s campaign related to the initial well should cost the company between $24 and $29 million.

In March, the company’s partner in Shimshon, Isramco Negev, received an independent reservoir engineering evaluation from Lockwood & Associates estimating gross potential gas reserves at Shimshon in the range 1.5-3.4 tcf, with a total geological and geophysical exploration probability of success of 20%.

ATP says it will provide further information on the Daniel East and Daniel West licenses as drilling and exploration here are approved. The company is also a partner in two other licenses offshore Israel currently awaiting approval by the Israeli Ministry of National Infrastructures.

06/13/2011



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