Atlantic Petroleum P/F - Fyrirtækjafréttir

Atlantic Petroleum announces that the Brugdan II well is temporarily suspended

Tórshavn, Faroe Islands, 2012-11-27 08:01 CET (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces that Atlantic Petroleum and its
partners Statoil and ExxonMobil have decided to temporarily suspend operations
on the Brugdan II well offshore the Faroe Islands. 

The Brugdan II well has drilled into the sub-basalt section, but the primary
objective has not yet been reached. The decision to suspend the drilling is
based on the expected bad weather as we enter the winter season. The Faroese
authorities have authorised a suspension until end 2013. 

The well is located around 80 km offshore from the Faroe Islands and was spud
in June 2012. It has been drilled with the COSL Pioneer semi-submersible rig in
a water depth of around 450 meters. 

The Brugdan II well is the second exploration well that has been drilled in
licence 006 which covers an area of approximately 579 square kilometres. 

Atlantic Petroleum has 1% equity in the Brugdan licence. The operator is
Statoil Færøyene AS with 50% equity and partner ExxonMobil Exploration and
Production Faroe Islands Ltd has 49%. 

The Brugdan II well is the 8th exploration well drilled in Faroese waters since
2001. 

Ben Arabo CEO of Atlantic Petroleum comments:

“Atlantic Petroleum is comfortable with the decision to temporarily suspend the
well, as the operations are then able to bypass the harsh weather window. We
look forward to the partnership re-entering the well in due course.” 



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. 34/2012

Issued 27-11-2012


         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