Atlantic Petroleum P/F - Fyrirtækjafréttir

Relinquishment of UK Licence P1211

Tórshavn, Faroe Islands, 13th February 2009 - P/F Atlantic Petroleum (OMX:
FO-ATLA) the international upstream oil and gas company, today announces that
the company has relinquished UK Licence P1211 which consists of Blocks 14/9a &
14/14b, located in the UK. The licence contains the Anglesey prospect which was
originally planned to be drilled in late 2008 or early 2009. 

Commenting on the announcement, Wilhelm Petersen, Managing Director of P/F
Atlantic Petroleum said: 

“Atlantic Petroleum's cost exposure related to the well was potentially
significant. Hence, we have found it prudent not to continue in this licence.
The relinquishment of the licence also fits very well with our short term
strategy of postponing or reduce our overall exploration activities until
actual exploration costs have been aligned with current oil price expectations
following the present global economic turmoil.” 

The licence was held by Granby Enterprises (operator), a wholly-owned
subsidiary of Silverstone Energy Limited), (33.34%), Atlantic Petroleum
(33.33%) and Fox Energy Exploration Limited (33.33)%. 



Further Details
Further details can be obtained from Wilhelm Petersen, Managing Director, tel
+298 350 100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager,
tel +298 350 100 (teiturs@petroleum.fo). This announcement is, together with
other information about Atlantic Petroleum, available on the Company's website:
www.petroleum.fo 

Announcement no. 01/2009'		                            Issued 13-02-2009

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