Atlantic Petroleum P/F - Company Announcement

Atlantic Petroleum announces farm-in option agreement to Norwegian Licence PL528 containing the Ivory Prospect

Tórshavn, Faroe Islands, 2014-01-02 08:44 CET (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX & Oslo Børs: FO-ATLA & ATLA) is pleased to announce that the
Group has entered into a farm-in option agreement with Rocksource ASA regarding
the PL528 licence in the Norwegian Sea. 

Through the farm-in option agreement, Atlantic Petroleum shall purchase five
percent (5%) and has an option to purchase up to fifteen percent of the
participating interest in PL528. Atlantic Petroleum shall within 28th April
2014 decide, in its sole discretion, the size of the participating interest to
be acquired within the aforementioned 5 to 15 percent range. 

Centrica is operator of the licence with an equity interest of 40%. Other
licence partners are Statoil 35% and Rocksource 25% (pre-deal). 

The PL528 licence contains the Ivory prospect sanctioned for drilling in the
second half of 2014. The Ivory prospect is gas prone with Direct Hydrocarbon
Indicator (DHI) support. It is adjacent to the Statoil-operated Aasta Hansteen
field development which is due to come on stream in 2017. Rocksource currently
carries a pre-drill resource range estimate of 55-306 mmboe. 

The agreement is subject to approval by the Norwegian Government.

Ben Arabo, CEO, commented:

“We are very pleased to add another exciting opportunity to our Norwegian
portfolio. 2014 will be a busy year for Atlantic Petroleum with the
Langlitinden well in Norway being drilled in the first quarter, to be followed
later in the year by the UK Pegasus well, the Faroes Brugdan 2 well and now the
Norway Ivory well scheduled for second half of 2014. Atlantic Petroleum is also
participating in the pending APA licensing round and we are now looking forward
to the result of this.” 



Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P) Group
focused on North West Europe. Atlantic Petroleum currently holds 40 oil and gas
licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has
three fields in production in the UK part of the North Sea. In addition to
this, the Group has one field under development with first oil expected in
2015, two additional potential development projects and a substantial number of
exploration prospects. Atlantic Petroleum participates in joint ventures with
30 reputable, international partners. Atlantic Petroleum's main office is
located in Tórshavn, Faroe Islands, and the Company has subsidiaries and
technical offices in London, UK and Bergen, Norway. Atlantic Petroleum's
existing shares are listed on NASDAQ OMX Copenhagen, NASDAQ OMX Iceland and on
Oslo Børs. The Company has applied for a delisting from NASDAQ OMX Iceland,
which is expected to be effective in the near future. 



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.1/2014

Issued 02-01-2014


         P/F Atlantic Petroleum
         Yviri við Strond 4
         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