Atlantic Petroleum P/F - Fyrirtækjafréttir

Ettrick field commences oil production

Tórshavn, Faroe Islands, 18th August 2009 - P/F Atlantic Petroleum (OMX:
FO-ATLA) the international upstream oil and gas company, announces that the
Ettrick field has commenced oil production. The Ettrick field is expected to
produce at rates up to 1,650 boepd (barrels of oil equivalent per day) net to
Atlantic Petroleum via the FPSO (floating production, storage and offloading)
vessel 'Aoka Mizu'. 


Wilhelm Petersen, CEO, commented:
“We are very pleased that the Ettrick field is now on stream. Together with the
Chestnut field, we currently have two oil producing fields which generate cash
flow, which is a perfect platform for future development of the company. We
will now seek to add further value to Ettrick by monitoring field performance
prior to drilling additional development wells, as well as by evaluating the
nearby Blackbird discovery and other potential tie backs to Ettrick.” 

Partners in the Ettrick development are Nexen (operator) with 79.73%, Bow
Valley Petroleum (UK) Limited (a wholly-owned subsidiary of the Dana Petroleum
Group) with 12.00% and Atlantic Petroleum with 8.27%. 

The Ettrick field lies in the Moray Firth in the UK sector of the North Sea and
was discovered in 1981 and had, prior to development, been appraised by seven
wells drilled between 1982 and 1985. The reservoir lies within the Upper
Jurassic Ettrick Sandstones with deeper Zechstein reservoirs in the Jarvis
structure. Since field development approval was obtained by the UK authorities
in July 2006, six wells have been drilled between March 2007 and March 2009. In
April 2006, the partnership awarded Bluewater Ettrick Production (UK) Limited a
contract for the production facilities and operations for the Ettrick field for
an initial term of five years with extension options. The FPSO is designed to
handle 30,000 bopd (barrels of oil per day) and 35 MMscfpd (million standard
cubic feet per day) of gas. 

Further details can be obtained from Wilhelm Petersen, CEO, tel +298 350 100
(wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager, tel +298 350
100 (teiturs@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 e-mail newsletter. 

Announcement  no. 20/2009		         Issued 18-08-2009


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