Atlantic Petroleum P/F - Fyrirtækjafréttir

Operations update October 2011

Tórshavn, Faroe Islands, 2011-11-04 10:26 CET (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces that during the month of October,
Atlantic Petroleum produced a net total of 39,000 barrels of oil equivalents
(boe) from the Chestnut and Ettrick fields. The average daily production was
1,258 boe per day net to the Company. Average daily production for 2011 is
expected to be in the range of 2,000 - 2,300 boepd. 



Production from the Chestnut field is currently shut down due to a five year
inspection of the FPSO Sevan Hummingbird. As Chestnut was producing at reduced
rates due to water injection constraints this obligatory shut down, which was
originally planned for 2012, has been pushed forward to 2011. This will avoid
the obligation of this shut down in 2012 when production levels are expected to
be fully optimised again. Sixteen of the planned 21 days shut down have been
completed during October. The drilling of a sidetrack to the existing water
injector well to reinstate water injection and increase production levels
commenced in October and is expected to complete in November. 



In relation to the Blackbird development, trenching and rock dumping activities
were carried out during October and the dive support vessel Seven Atlantic
continued its subsea work scope. Commissioning checks and readiness reviews are
planned for early November prior to production of hydrocarbons from the
Blackbird field in late 2011. 





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. 43/2011

Issued 04-11-2011


         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