Atlantic Petroleum P/F - Fyrirtækjafréttir

Exploration drilling update – Spaniards East

Tórshavn, Faroe Islands, 2012-11-06 08:14 CET (GLOBE NEWSWIRE) -- Atlantic
Petroleum (OMX: FO-ATLA) announces that the Spaniards East well in UK Block
15/21a (Atlantic Petroleum equity 3.24%) has reached a total depth of 10,694
feet and is being plugged and abandoned as a dry hole. The well encountered 75
feet of Jurassic sands but these were shown to be water wet on the logs. 

Ben Arabo CEO of Atlantic Petroleum comments: “Whilst it is disappointing not
finding oil in Spaniards East, the well does not have a cost impact for
Atlantic Petroleum, as our interest was carried. We now look forward to the
results of our on-going two wells - the Faroes Brugdan II exploration well and
the UK Polecat appraisal well.” 



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. 31/2012

Issued 06-11-2012


         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