Atlantic Petroleum P/F - Company Announcement

Atlantic Petroleum granted two UK 26th Round exploration licences

Tórshavn, Faroe Islands, 27th October 2010 - Following an announcement by DECC
today, P/F  Atlantic Petroleum (OMX:FO-ATLA) announces that they have been
granted two new licences in the UK 26th Round. 

One of the licences that has been granted by DECC (Department of Energy &
Climate Change) contains Block 14/9 and part of Block 14/14, which contain the
Anglesey prospect, and Block 14/15 which contains a number of further
prospects. Equities in the licence will be Atlantic Petroleum 30% and
Silverstone CNS Limited (now Bridge Energy ASA) 70% (operator). 

The other licence contains part of Block 21/30e, on which a number of prospects
have been identified. Equities in the licence will be Atlantic Petroleum 20%,
Silverstone CNS Limited (now Bridge Energy) 40% (operator) and Idemitsu
Petroleum UK Ltd 40%. 

Ben Arabo, Atlantic Petroleum's CEO, stated:
“We are delighted to have been granted these two licences. These awards are an
important step in our ongoing efforts to strengthen our exploration portfolio.
We also look forward to cooperating with two new partners.” 

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. 26/2010		                             Issued 27-10-2010


P/F Atlantic Petroleum 		                        Telephone +298 350 100
Gongin 9		                                                 Fax +298 350 101
P.O. Box 1228		                              Website: www.petroleum.fo
FO-110 Tórshavn 		                           Mail: petroleum@petroleum.fo
Faroe Islands