Atlantic Petroleum P/F - Fyrirtækjafréttir

Drilling commences on the 6104/21-2 Brugdan II exploration well on Faroes Licence 006

Tórshavn, Faroe Islands, 2012-06-17 18:56 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces the spud of the 6104/21-2 Brugdan II
exploration well on Faroes Licence 006. 



The well is being drilled with the COSL Pioneer semi-submersible rig in a water
depth of about 450m. Brugdan is a large four-way dip closure in the Tertiary
that was previously drilled in 2006 by the 6104/21-1 well which was abandoned
prior to reaching the Vaila Sandstone target due to mechanical issues. The well
is expected to take four to five months to complete. 



The well is operated by Statoil who holds a 50% interest in the licence.
Atlantic Petroleum has 1% equity, with the remaining equity of 49% held by
ExxonMobil. 



Ben Arabo, CEO, commented:

“We are very pleased to announce the spudding of the high impact Brugdan II
well in the Faroe Islands. Although the well is both geologically and
technically challenging, it could, if successful, have a very big impact on
Atlantic Petroleum and on the Faroese shelf in general.  This well will be
followed by the UK Spaniards well due to be drilled in the latter part of 2012“ 





Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 350100
(ben.arabo@petroleum.fo). This announcement will be available, together with
other information about Atlantic Petroleum, on the Company's website:
www.petroleum.fo. 

On the website, it is also possible to sign up for the Company's e-mail
newsletter. 



Announcement no. 17/2012

Issued 17-06-2012


         P/F Atlantic Petroleum
         Yiri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         Telephone +298 350 100
         Fax +298 350 101
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo