Atlantic Petroleum P/F - Fyrirtækjafréttir

Successful appraisal of Blackbird discovery on UK Licence P317, Block 20/2a

Tórshavn, Faroe Islands, 14th July 2010 - P/F Atlantic Petroleum (OMX:FO-ATLA)
announces the successful appraisal of the Blackbird discovery in the UK Central
North Sea. 

The 20/2a-9 Blackbird well was spudded on 24th May 2010 with the aim of
appraising the Blackbird structure that was first drilled in 2008 and assessing
the viability of developing Blackbird as a subsea tieback over the Ettrick
FPSO. The well was drilled in a water depth of approximately 367 feet to a
total measured depth of 12,000 feet. It encountered approximately 330 vertical
feet gross of oil bearing Upper Jurassic sediments, some of which
were cored. An extensive set of wireline log data is being acquired over the
reservoir section and preliminary log analysis suggests the presence of
approximately 75 feet total net thickness of good quality oil bearing reservoir
sands. 

The forward plan is to complete the well and to carry out a production test
before potentially suspending the well as an oil producer for future tie back
to the Ettrick FPSO. 

The Blackbird 20/2a-8 discovery well was drilled in 2008 and was located
approximately six kilometers south of the Ettrick Field. The well encountered
111 feet of net pay in multiple zones in the Upper Jurassic Ettrick sandstones
and tested at an average restricted rate of 3,800 barrels of oil per day
through a 34/64 inch choke. 

Partners on the licence are Nexen (operator) 79.73%, Dana Petroleum 12% and
Atlantic Petroleum 8.27%. 


Sigurð í Jákupsstovu, Atlantic Petroleum's CEO, stated:
“We are very pleased with results from the well so far and look forward to the
production tests being carried out in the next few weeks. It is hoped that
Blackbird can be brought on stream by year end 2011 or early 2012, further
strengthening Atlantic Petroleum´s production base and our position for
continued growth of the company” 

Further Details:
Further details can be obtained from Sigurð í Jákupsstovu, CEO, tel +298 350
100 (sigurdj@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. 15/2010		                          Issued 14-07-2010

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 		                      E-mail: petroleum@petroleum.fo
Faroe Islands