Atlantic Petroleum P/F - Company Announcement

Successful 22nd Round award for Atlantic Petroleum

Tórshavn, Faroe Islands, 2013-06-12 13:47 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces that Atlantic Petroleum Norge AS (a
wholly owned subsidiary of P/F Atlantic Petroleum) has been awarded two new
licenses in the 22nd Licensing Round on the Norwegian Continental Shelf (NCS)
announced by the Ministry of Oil and Energy on the 12th of June, 2013. 

The licenses PL 704 and PL 705 both contain multiple high potential prospects
that have been de-risked prior to application, and given a discovery the
reserves can be tied in to the Aasta Hansteen Field. 

These awards mark another significant milestone in the Company's development
and add multiple, high value drillable prospects to the Atlantic Petroleum
prospect inventory. 

PL 705, blocks 6705/7 (part), 6705/8, 6705/9, 6705/10 (part)
This license is located on the northern part of the Gjallar Ridge in the Vøring
Basin (Norwegian Sea), immediately north of the Asterix discovery and south
west of the Naglfar Discovery. 

The license covers an area of 1039 km2, and several prospects have been mapped
and de-risked using 3D seismic data. The prospects have potential targets at
multiple reservoir levels. 

The license group consists of:
Repsol (Operator) 40%, Atlantic Petroleum Norge AS 30% and Eon 30%.

PL 704, block 6704/12 & 6705/10 (part)

License PL 704 is located immediately south of PL 705, and immediately west of
the Asterix discovery, and covers an area of 646 km2. Prospectivity is mapped
on 2D and 3D seismic data within several geological play models. 

The license group consists of:
Eon (Operator) 40%, Atlantic Petroleum Norge AS 30% and Repsol 30%.





Ben Arabo, CEO, commented:

“These awards are very good news for Atlantic Petroleum whose objective with
the acquisition of Emergy Exploration AS was to provide for rapid access to
high quality acreage on the Norwegian Continental Shelf. Our Norwegian
subsidiary received everything applied for, thus clearly demonstrating the
capability of obtaining high quality licenses through the rigorous license
round application process. Furthermore, the acreage is in a highly interesting
area close to the existing Aasta Hansteen Field, and thus provides for exciting
opportunities for the company.” 





Jonny Hesthammer, Managing Director of Atlantic Petroleum Norge AS commented:

“We are very pleased with these awards. Another important milestone is achieved
towards Atlantic Petroleum's aspirations to become an important player in the
NCS. The awards of all acreage applied for, is a strong accomplishment
considering the large competition in this licensing round". 





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. 29/2013

Issued 12-06-2013






         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