Atlantic Petroleum P/F - Company Announcement

Polecat Well Spud

Tórshavn, Faroe Islands, 2012-10-23 15:00 CEST (GLOBE NEWSWIRE) -- Atlantic
Petroleum (OMX: FO-ATLA) announces the spudding of the 20/4a-11 Polecat
appraisal well on UK Licence P1100 in the Moray Firth. 

The well is being drilled with the Transocean GA III semi-submersible rig in a
water depth of 369ft., near to the Ettrick and Blackbird producing fields that
Atlantic Petroleum have interests in. The well will target Upper Jurassic
reservoirs and is expected to take around 50 days to complete. 

The well is operated by Nexen who holds an 80% interest in the licence.
Atlantic Petroleum has 20% interest resulting from a farm-in deal negotiated
earlier in 2012. 

Ben Arabo, CEO, commented:  “We are delighted to announce the spudding of the
Polecat appraisal well, which is the fourth well in our on-going five well
programme. The well further builds our position in the Moray Firth, which is
already a core area for our UKCS activities, with Ettrick and Blackbird
providing a large portion of our existing production.” 



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. 28/2012

Issued 23-10-2012


         P/F Atlantic Petroleum
         Yviri 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