Atlantic Petroleum P/F - Company Announcement

Atlantic Petroleum provides drilling update

Tórshavn, Faroe Islands, 2011-08-24 08:00 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) announces that the 49/30b-10 well targeting the
Foxtrot prospect reached its total depth of 5855' (measured depth) on the 20th
August. The well targeted the Upper Bunter sandstone formation. However, these
sands were found to be water wet. The well has been suspended for later
re-entry pending the evaluation of a deeper Rotliegend play. 



Ben Arabo CEO of Atlantic Petroleum comments: “The Foxtrot well was the first
of a firm four well exploration programme spread over the next twelve months.
Naturally we are disappointed with the results of the well but we are
encouraged that the operator Tullow Oil recognises the potential of a deeper
play. The next well in Atlantic Petroleum's planned exploration and appraisal
well programme is the UK P.1556 Block 29/1c Orchid well operated by Summit
which is expected to be spudded in the fourth quarter of 2011. Atlantic
Petroleum holds a 10% working interest in the Orchid well.” 



Atlantic Petroleum maintains the 2011 EBIT forecast of between DKK 90MM - DKK
150MM 



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. 37/2011

Issued 24-08-2011


         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