Atlantic Petroleum P/F - Fyrirtækjafréttir

Submission of Perth FDP

Tórshavn, Faroe Islands, 2011-09-30 15:06 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) announces that DEO Petroleum plc (the Operator) today
will submit a Field Development Plan for the Perth Field to Department of
Energy and Climate Change (“DECC”); consent is expected to take approximately
six months. 



Perth is proposed to be developed using a Floating Production Storage Offtake
Facility (“FPSO”), targeting the operator's estimated gross mid case resources
of 27.2 mmboe in the first phase of development. First oil is expected in H1
2014. 



Atlantic Petroleum holds a 10.8% interest in the Perth Field.



Ben Arabo, CEO, commented:

The submittal of the Field Development Plan represents a significant milestone
in the commercialisation of the Perth Field. Perth is set to become Atlantic
Petroleum's fourth producing field. It will add significant reserves and
production to the Company's portfolio. 



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. 39/2011

Issued 30-09-2011


         P/F Atlantic Petroleum
         Gongin 9
         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