Atlantic Petroleum P/F - Fyrirtækjafréttir

Spaniards East Well Spud

Tórshavn, Faroe Islands, 2012-10-15 08:00 CEST (GLOBE NEWSWIRE) -- Atlantic
Petroleum (OMX: FO-ATLA) announces the spudding of the 15/21(a)-60 Spaniards
East exploration well on UK Licence P1655 in the Moray Firth. 

The well is being drilled with the Wil Phoenix semi-submersible rig in a water
depth of about 460 ft, near to the producing Scott and Telford fields. The well
will target Upper Jurassic reservoirs and is expected to take around 41 days to
complete. 

The well is operated by Premier who holds a 28% interest in the licence.
Atlantic Petroleum has a carried 3.25% interest resulting from a farm-in deal
negotiated in 2011. Other partners are Cairn Energy, Serica Energy, Parkmead
Group, Faroe Petroleum, and Maersk Petroleum. 



Ben Arabo, CEO, commented:

“We are very pleased to announce the spud of the Spaniards East well. This is
the 3rd well in our on-going 5 exploration and appraisal well program, which
started with the Orchid discovery in May 2012.” 



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. 27/2012

Issued 15-10-2012


         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