Atlantic Petroleum P/F - Fyrirtækjafréttir

Chestnut production temporarily suspended. Resumption expected in early December

Tórshavn, Faroe Islands, 2013-11-22 14:27 CET (GLOBE NEWSWIRE) -- Atlantic
Petroleum (OMX: FO-ATLA) announces that production from the Chestnut field has
been temporarily suspended as a precautionary measure in response to an issue
with the mooring system on the Sevan Hummingbird FPSO. One of the twelve
mooring lines on the FPSO lost tension and production has been suspended whilst
the cause is being investigated. We can confirm that no other damage, loss of
stability to the vessel or environmental release has occurred. 

We are working with the field operator Centrica Energy, along with dutyholder
Woodgroup PSN and FPSO owner Teekay, to repair the damaged mooring line and
confirm the condition of the remaining lines prior to production recommencing,
which is expected in the first week of December. 

CEO Ben Arabo stated “Whilst it is disappointing that Chestnut production has
been suspended, we will continue to work with our partners to ensure the safety
of our teams and integrity of the vessel whilst looking to resume production as
soon as possible. At present, we are not planning to update our production
guidance for 2013, but the temporary shutdown of production does mean we now
expect to be towards the bottom end of the guidance” 



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. 



Atlantic Petroleum in brief

Atlantic Petroleum is a full cycle exploration and production (E&P) Group. The
asset portfolio spans the full-cycle E&P value chain of exploration, appraisal
and development through to production, and is located in some of the world's
most prolific hydrocarbon basins. Main focus is offshore North West Europe
where the Group can provide steady growth from the existing asset base and is
prepared to acquire new assets. Atlantic Petroleum has a total of 40 oil and
gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands,
producing oil & gas from three fields in the UK part of the North Sea. Three
fields are under development or near development. Atlantic Petroleum
participates in joint ventures containing around 30 high quality partners. With
a strong operating cash flow the Group is well positioned for further growth.
Atlantic Petroleum's shares are listed on NASDAQ OMX Iceland and NASDAQ OMX
Copenhagen. 



Announcement no.46/2013

Issued 22-11-2013







         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