Israel: Government okays ATP deepwater licenses

By OGJ editors
HOUSTON, June 13
-- ATP Oil & Gas Corp., Houston, and its subsidiary ATP East Med BV have acquired the Shimshon, Daniel East, and Daniel West licenses off Israel and the Israeli government has approved the licenses.

Based on the acquired licenses, ATP through ATP East Med anticipates spending $3 million to $5 million in 2011 off Israel for acquisition costs, seismic, and preliminary exploration plans.

ATP East Med, as operator, has assumed the drilling contract with Transocean Drilling Israel Ltd. for the Sedco Express drilling unit at the Shimshon location, where it anticipates drilling during the second quarter 2012. ATP expects to spend $24 million to $29 million during 2012 related to the initial exploratory well on the Shimshon license for its 40% working interest.

ATP notes that Isramco Negev, its partner in Shimshon, on Mar. 6, 2011, said consulting engineers judge the probability of success on Shimshon to be 20% with a best estimate of gross recoverable gas of 2.3 tcf.

ATP East Med is party to two other licenses off Israel that are awaiting approval by the Israeli Ministry of National Infrastructures.



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