Atlantic Petroleum P/F - Company Announcement

Orchid well encountered oil in Chalk Formation

Tórshavn, Faroe Islands, 2012-05-03 08:00 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces an update on operations on the 29/1c-9
Orchid exploration well on UK Licence P1556 in the Central North Sea. 

Following wireline logging, it has been confirmed that the well encountered oil
in the Chalk Formation and is currently being plugged and abandoned. 

The well was drilled with the Sedco 711 semi-submersible rig in a water depth
of about 290 feet, near to the producing Bittern and Kyle fields. The well
targeted a four-way dip closure at both Tertiary and Chalk levels. Reservoir
was not encountered in the Tertiary target. The primary Chalk target
encountered over 280 feet of formation with good oil shows and with an average
porosity of 30%. 

Further work will be carried out on the data obtained from the discovery well
to determine the size of the discovery and ascertain whether further drilling
would be warranted. 

The well was operated by Summit Petroleum who holds a 45% interest in the
licence. Atlantic Petroleum has 10% working interest resulting from a farm-in
deal negotiated in 2011. Other partners are Valiant Petroleum (30%) and Trap
Oil (15%). 

Ben Arabo, CEO, commented:

“The results of the well are encouraging but more work is required to determine
the commerciality of the discovery. We look forward to working with the joint
venture to fully analyse the well results in the coming months.” 



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. 12/2012

Issued 03-05-2012


         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