Atlantic Petroleum P/F - Company Announcement

Exxon Mobil Farms in to Atlantic Petroleum’s Interest in Faroes Block L016

Tórshavn, Faroe Islands, 2013-06-03 19:11 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum announces that Exxon Mobil Exploration and Production Faroe Islands
Limited has acquired a 6% interest in Licence L016 from Atlantic Petroleum. The
revised ownership interests in the Licence are Statoil Færøyene AS (the
operator of the Licence) 40%, DONG Energy Føroyar P/F 30%, ExxonMobil
Exploration and Production Faroe Islands Limited 26% and P/F Atlantic Petroleum
4%. 

The Licence was granted in the Third Licensing Round in 2008. The Licence
covers an area of 3,870 km2. 

Ben Arabo, CEO, commented:

“This deal is part of our continuing portfolio management to optimise the
allocation of capital within our exploration budget. Our strategy is to fund
participation in three or four exploration wells each year within North West
Europe. We are very pleased to be able to continue our work on the Faroese
shelf with our L016 partners, Statoil, ExxonMobil and DONG, as the area remains
a part of our portfolio with significant potential at a suitable exposure for
Atlantic Petroleum.” 



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. 27/2013

Issued 03-06-2013


         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