Atlantic Petroleum P/F - Company Announcement

Blackbird Field Development Plan Addendum approved

Tórshavn, Faroe Islands, 2013-12-06 08:31 CET (GLOBE NEWSWIRE) -- <span
style="font-family:Arial, Helvetica, sans-serif;">Atlantic Petroleum (OMX:
FO-ATLA) today announces that the UK Department of Energy and Climate Change
(DECC) has advised the Blackbird Field joint venture partners that it has
approved the Blackbird Field Development Plan (FDP) Addendum.</span><span style="font-family:Arial, Helvetica, sans-serif;">The Blackbird Field is
owned by Nexen Petroleum U.K. Limited (Operator) 73.02957%, Nexen Ettrick U.K.
Limited 17.57270% and Atlantic Petroleum UK Limited 9.39773%.</span><span style="font-family:Arial, Helvetica, sans-serif;">The Blackbird field was
discovered in 2008 and has been in production since 2011. The field currently
consists of one subsea producer and one water injector tied back to the Aoka
Mizu FPSO (which also handles the Ettrick Field production). Oil is exported by
shuttle tanker and gas exported to the St Fergus gas terminal. The FDP Addendum
will result in the drilling of a second production well. The well is planned to
be drilled in early 2014 and is expected to be in production by mid-2014.
Similar to the Ettrick 20/2a-E9 production well, which came onstream in
November 2013, the investment in the Blackbird production well is expected to
qualify for the Brown Field Allowance under the UK taxation system.</span><span style="font-family:Arial, Helvetica, sans-serif;">The drilling of the
second well on the Blackbird Field has been described in the Prospectus
published on the 26th November 2013 in connection with the offering and listing
of the Company's shares on Oslo Børs.</span><span style="font-family:Arial, Helvetica, sans-serif;">The approval of the FDP
addendum does not affect the Company's financial position or guidance for
2013.</span><strong style="font-size: 11pt;"><span style="font-family:Arial, Helvetica,
sans-serif;">About Atlantic Petroleum                                          </span><span style="font-family:Arial, Helvetica, sans-serif;">Atlantic Petroleum is a
full cycle exploration and production (E&P) Group focused on North West Europe.
Atlantic Petroleum currently holds 40 oil and gas licences in the UK, Norway,
Faroe Islands, Ireland and the Netherlands, and has three fields in production
in the UK part of the North Sea. In addition to this, the Group has one field
under development with first oil expected in 2015, two additional potential
development projects and a substantial number of exploration prospects.
Atlantic Petroleum participates in joint ventures with 30 reputable,
international partners. Atlantic Petroleum's main office is located in
Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices
in London, UK and Bergen, Norway. Atlantic Petroleum's existing shares are
listed on NASDAQ OMX Copenhagen and NASDAQ OMX Iceland. The Company has applied
for a delisting from NASDAQ OMX Iceland, which is expected to be effective
shortly after completion of the Offering on Oslo Børs.</span><span style="font-family:Arial, Helvetica, sans-serif;">Announcement no.
52/2013</span><span style="font-family:Arial, Helvetica, sans-serif;">Issued 06-12-2013</span>


         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