Atlantic Petroleum P/F - Fyrirtækjafréttir

Crosby exploration well spudded

Tórshavn, Faroe Islands, 10th June 2009 - P/F Atlantic Petroleum (OMX: FO-ATLA)
the international upstream oil and gas company, announces that the 110/14d-8
Crosby exploration well is spudded today, on UK licence P099 in the East Irish
Sea Basin. The rig came on hire for the Crosby well on 8th June and is expected
to be on location for 20 days.
The well is being drilled by the Ensco 92, a jackup rig which is currently
drilling a series of wells in the East Irish Sea Basin. The Crosby prospect
lies in a water depth of 65 feet in the East Deemster Basin, between the
Hamilton and Lennox fields, which are approximately 9 km and 11 km away
respectively. The well will test a Triassic Sherwood Sandstone target and is
operated by Challenger Minerals North Sea Limited.
Participants in the well are Challenger Minerals (North Sea) Limited 32%
(operator), Dyas UK Limited 20%, First Oil Expro Limited 20%, AFEX Oil and Gas
UK Limited 12.5%, Palace Exploration Company 8% and Atlantic Petroleum Limited
7.5%. 
Commenting on the well, Wilhelm Petersen, CEO of P/F Atlantic Petroleum, said:

“Atlantic Petroleum is looking forward to the results of the Crosby well. If
the well is successful there are a number of potential export routes that it
could be tied back to in a relatively short timeframe.” 

Further Details
Further details can be obtained from Wilhelm Petersen, CEO, 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 12/2009		      Issued 10.06.2009

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