Sedco Express to drill deepwater Shimshon prospect offshore Israel

Offshore staff

HOUSTON – ATP East Med is preparing for drilling and exploration next year on the deepwater Shimshon license offshore Israel.

The company, a subsidiary of ATP Oil & Gas, acquired interests in three deepwater licenses in the Mediterranean Sea this June - Shimshon, Daniel East, and Daniel West – all of which it will operate with a working interest of 40%. Prospects on the licenses are close to areas where drilling has occurred, leading to commercial discoveries.

ATP East Med has assumed a drilling contract with Transocean Drilling Israel for the Sedco Express to work at the Shimshon location, where initial drilling should start next spring. ATP expects to spend $24-$29 million during 2012 related to the initial well.

In March, partner Isramco Negev received an independent reservoir engineering evaluation from Lockwood & Associates estimating gross potential natural 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 East Med is also party to two other licenses offshore Israel, awaiting approval by the Israeli Ministry of National Infrastructure.

08/08/2011



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