Alpha Petroleum Resources Limited ("Alpha Petroleum") Operational Update
(firmenpresse) - LONDON, UNITED KINGDOM -- (Marketwired) -- 03/19/15 -- Alpha Petroleum, the North Sea focused oil and gas developer and producer, is pleased to provide an update on its operations during the twelve months since its acquisition in February 2014 by private equity firm Petroleum Equity.
During the past year, Alpha Petroleum has made significant progress in the exploitation of its North Sea portfolio of both producing and development assets. In addition, it continues to see considerable value in UK North Sea oil and gas and is evaluating opportunities for further acquisitions.
Highlights
The most significant progress has been made at the 100% owned and operated Cheviot oil field, located in in part Blocks 2/10b, 2/15a and 3/11b in the UK Northern North Sea, as follows:
Progress has also been made with the development planning for the Alpha operated Blythe gas field located Block 48/22 and 48/23a in the UK Southern North Sea. The gross gas reserves are estimated at 32 billion cubic feet, and the focus has been on working with adjacent infrastructure owners to determine the optimum export route. Alpha is planning to submit a Blythe FDP by September 2015.
Alpha has been active in extending the life of its operated Southern North Sea gas fields Garrow, Kilmar and Wenlock. Investments have been made to both improve the well performance and increase the reliability of the production facilities. This work will continue in 2015 and beyond as required. The Kilmar joint venture is also re-evaluating undeveloped parts of the field to determine if further development drilling is economically viable.
Graham Walters, Managing Director, Alpha Petroleum, commented: "Over the past 12 months, we have made strong progress across our portfolio of high quality producing and development assets, in particular at our key Cheviot asset, where we have been able to substantially increase our estimate of recoverable oil and gas volumes to at least 75 million barrels of oil equivalent, and we are now preparing a Field Development Plan to take this forward.
The recently announced changes to the fiscal system will clearly be of help, and these changes also support our shareholder's commitment last year to long term UK North Sea investments such as the development of Cheviot"
Notes to Editors
About Alpha Petroleum Resources Limited
Alpha is a privately owned UK company focussed on the United Kingdom offshore basins. It currently operates all of the 12 Blocks in which it currently has an interest. Those are:
Alpha's strategy is to focus on the appraisal, development and production from conventional offshore oil and gas fields. In addition to the managing its existing portfolio Alpha is very active evaluating additional investment opportunities.
About Petroleum Equity
Petroleum Equity was founded in 2012 with the aim of addressing the significant lack of private equity capital focused on the upstream oil & gas industry outside of North America. Petroleum Equity is seeking to build the leading private equity firm in the upstream energy sector outside of North America. The investment team consists of senior industry professionals with strong technical, operational, financial and principal investment track record of over 20 years. With a clearly defined and differentiated investment approach Petroleum Equity are targeting high quality upstream oil & gas assets managed by best-in class management teams.
Contacts:
Alpha Petroleum
Graham Walters
Managing Director
01483 307 200
Instinctif Partners
Anca Spiridon /Harry Cameron
020 7257 2020
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Datum: 19.03.2015 - 10:55 Uhr
Sprache: Deutsch
News-ID 379648
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contact information:
Town:
LONDON, UNITED KINGDOM
Kategorie:
Oil & Gas
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