Atlantic Petroleum P/F - Company Announcement

Atlantic Petroleum announces the continuation of Faroes Licence 014 into the next exploration phase to 17th January 2013.

Tórshavn, Faroe Islands, 2011-04-18 15:11 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) announces that the Company has approved the work
programme that enables Faroes Licence 014 to progress into the next exploration
phase. 



Following technical work over the last two years, and an assessment of the
prospectivity of Faroes Licences 013 and 014, the Company has decided to
approve the work programme that enables Faroes Licence 014 to progress into the
next exploration phase. 



The work carried out identified which areas should be retained and which had
high impact exploration structures. Based on the studies, the southern area of
the licence 014 will be retained, which contains the Marselius structures. The
northern part of Licence 014 will be relinquished as this area has no mapped
structures. Licence 013 will also be relinquished in accordance with the
licence terms and conditions as the prospectivity on the blocks within this
licence is limited in Atlantic Petroleum's view. 



The work commitment on Licence 014 consists of acquiring a new infill 2D
seismic survey to complement the seismic data shot in 2006 and to create a
pseudo 3D volume over the retained area. This work programme will be carried
out before 17th January 2013. Atlantic Petroleum holds 40% equity in Licence
014 while Sagex holds the remaining 60% and is the operator of the licence. 



Ben Arabo, CEO, commented:

“Atlantic Petroleum is committed to exploration in the Faroe Islands, so in
line with focusing on acreage with high impact potential we are pleased to be
moving forward with Licence 014 where we hope to progress towards drillable
prospects by January 2013. The further work on Licence 014 will compliment
Atlantic Petroleum's active programme on the Faroese shelf where technical work
on Faroes Licence 016 is on-going and with a planned well to be drilled on
Licence 006 this summer with partners Statoil and ExxonMobil.” 





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. 15/2011

Issued 18-04-2011


         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