Atlantic Petroleum P/F - Company Announcement

Ettrick Field Development Plan Addendum approved

Tórshavn, Faroe Islands, 2013-05-06 16:58 CEST (GLOBE NEWSWIRE) -- Atlantic
Petroleum (OMX: FO-ATLA) today announces that the Department of Energy and
Climate Change (DECC) has advised the P273 Ettrick joint venture partners that
it has approved the Ettrick Field Development Plan (FDP) Addendum dated
November 2012. 

The Ettrick Field is owned by Nexen Petroleum (Operator) 79.73%, Dana Petroleum
12.00% and Atlantic Petroleum UK Ltd. 8.27%. 

The Ettrick field was discovered in 1981 and has been in production since 2009
using the Aoka Mizu FPSO. Oil is exported by shuttle tanker and gas exported to
the St Fergus gas terminal. The FDP Addendum will result in the drilling of an
infill production well near the crest of the field. The well is planned to be
brought on-stream towards the end of 3Q 2013. 

Ben Arabo, CEO, commented:

“We are pleased to be able to support this infill project which should bring
new reserves and extend the life of the Ettrick Field. We look forward to
working further with operator Nexen to maximise the recovery from this
important part of the Atlantic Petroleum 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. 22/2013

Issued 06-05-2013




         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