Exploration and production independent ATP Oil & Gas Corp. has dramatically expanded its interests and operations in the Gomez area of Mississippi Canyon, where ATP is currently producing greater than 100 million cubic feet of natural gas equivalent per day.
ATP said it acquired interests in a package of properties including a 100% working interest in the successful Anduin discovery well in the northwest quarter of MC 755, located in an adjacent block south of Gomez.
The MC 755 #2 discovery well at Anduin was drilled in 2005 and encountered material logged hydrocarbons in both a down- dip and up-dip location, ATP said. ATP said it plans to establish production at Anduin later this year by side tracking and completing the MC 755 #2 well and tying it back to ATP’s floating production facility at MC 711.
Upon the successful completion of the MC 755 #2 well, ATP will also earn interests in two prospects: a 50% working interest in MC 754 and a 25% working interest in MC 800 (Gladden). Gladden is scheduled to be drilled later this year with MC 754 planned for 2008, ATP said, adding that as part of the purchase and sale agreement, ATP will process hydrocarbons from MC 754 and or MC 800 at its floating production facility at MC 711.
“This acquisition was a home run for ATP since it included a material expansion of reserves in the Gomez area and underscores the value of our floating production facility,” said T. Paul Bulmahn, ATP’s chairman and president. “This should further enable ATP to achieve projections of our production ramp-up for 2007 and beyond.”
He said the transaction also allows third party access to the Gomez facility, and therefore ATP’s production facility should operate at close to maximum capacity for a substantially longer period of time than previously expected.
“The acquisition of additional working interests in these three blocks near Gomez significantly increases our presence in this region of the Gulf of Mexico,” noted Gerald W. Schlief, ATP’s senior vice president. “ATP continues to acquire interests in offshore blocks that are near our existing infrastructure.”
