Atlantic Petroleum P/F - Fyrirtækjafréttir

Atlantic Petroleum announces farm-in to UK P.1556, Block 29/1c containing the Orchid prospect.

Tórshavn, Faroe Islands, 2011-04-12 16:55 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) announces that they have reached an agreement to
acquire a 10% stake in P.1556, Block 29/1c containing the Orchid Prospect from
Summit Petroleum in return for carrying a share of the cost of the initial
exploration well. 



The Orchid Prospect is a four-way dip closure in the Tertiary and Chalk and is
located in the Central North Sea surrounded by the producing Banff, Kyle,
Bittern and Gannet fields. The Orchid prospect is located close to acreage
awarded to Atlantic Petroleum in the 26th Round. 



Summit, the operator, is currently seeking a semi-submersible rig to drill the
prospect in the second half of this year. 



Ben Arabo, CEO, commented:

“This is an important addition to our 2011 programme. We are pleased to join
Summit in the Central North Sea which is an area of growth for Atlantic
Petroleum. We look forward to working with this new partner group on the Orchid
project.” 





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. 14/2011

Issued 12-04-2011


         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