Atlantic Petroleum P/F - Fyrirtækjafréttir

Drilling commences on the 49/30b-10 Foxtrot exploration well

Tórshavn, Faroe Islands, 2011-08-05 17:51 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) announces the spudding of the 49/30b-10 Foxtrot
exploration well on UK Licence P1716 in the Southern North Sea. 



The well is being drilled with the Ensco 80 jackup rig in a water depth of
about 118', 3km south of the Davy North field, 5 km north west of the Davy
field and 12km SW of the Gawain field. The well will target the Triassic Bunter
sandstones and preliminary results from the well are expected by the end of the
3rd Quarter 2011. 



The well is operated by Tullow Oil who holds a 65% working interest in the
licence. Atlantic Petroleum has 35% working interest as part of a farmin deal
negotiated between Volantis and Tullow prior to the acquisition of Volantis by
Atlantic Petroleum in May. 



Ben Arabo, CEO, commented:

“This is the first of our planned exploration and appraisal well programme for
2011. It will be followed by the Summit operated Orchid Well to be spudded in
October and the Brugdan II and the Spaniards wells to be drilled in 2012.  We
are looking forward to the results of the Foxtrot well. If the well is
successful, it could be tied back to nearby infrastructure in a relatively
short time.” 



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. 33/2011

Issued 05-08-2011


         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