Atlantic Petroleum P/F - Company Announcement

Acquisition of High Impact Exploration Opportunity

Tórshavn, Faroe Islands, 2013-05-21 08:01 CEST (GLOBE NEWSWIRE) -- Atlantic
Petroleum (OMX: FO-ATLA) today announces the completion of the acquisition of a
4% interest in the Irish Continental Shelf Frontier Exploration Licence (FEL)
3/04, off the west coast of Ireland by Atlantic Petroleum (Ireland) Limited
from ExxonMobil Exploration and Production Ireland (Offshore) Limited. 

Drilling has already commenced on the 44/23-1 well, which is targeting the
Dunquin North exploration prospect. Operations are expected to take several
months to complete using the Eirik Raude semi-submersible drilling unit. This
is the first well to be drilled in the central part of the deep-water southern
Porcupine Basin. The well has been designed to test a new and potentially
material Lower Cretaceous carbonate exploration play concept. 

ExxonMobil Exploration and Production Ireland (Offshore) Limited (25.5%
interest) operates FEL 3/04 on behalf of its partners, Eni Ireland B.V. (27.5%
interest), Repsol Exploracion Irlanda, S.A. (25% interest), Providence
Resources Plc (16.0% interest), Atlantic Petroleum (Ireland) Limited (4.0%
interest) and Sosina Exploration Limited (2.0% interest). 

Ben Arabo, CEO, commented:

“We are very excited to join this highly capable joint venture and to add the
recently spudded ExxonMobil-operated Dunquin well to our 2013 exploration
programme. The 4% working interest in this frontier prospect has the potential
to have a very significant impact on the Group in the event of a successful
well.” 

Background Information

Dunquin FEL 3/04 is located in 1600 m of water and lies 150 km off the west
coast of Ireland. The 16-year licence term commenced November 2004. The licence
covers five blocks located in the South Porcupine Basin. Interpretation of the
seismic data has identified two giant deep-water exploration targets, one of
which, Dunquin North, will be targeted by the 44/23-1 exploration well.
Attached to this announcement is a map of the licence. 



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. 23/2013

Issued 21-05-2013






         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

Attachments:

23-2013 Dunquin - Map and Background Information - Attachment - issued 21-05-2013.pdf