Atlantic Petroleum P/F - Fyrirtækjafréttir

Grant of Options

Tórshavn, Faroe Islands, 2013-04-29 23:55 CEST (GLOBE NEWSWIRE) -- Atlantic
Petroleum (OMX: FO-ATLA) today announces the grant of nil-cost options over
ordinary shares in the Company under the Atlantic Petroleum Long Term Incentive
Plan which was adopted by the Company on 24th March 2012 (the “Plan”). 

The options are capable of vesting after a three year period subject to
continued employment and meeting stretching corporate performance conditions. 

The long-term incentive awards form part of the Company's remuneration strategy
to provide a competitive remuneration package that rewards Directors and
employees fairly and responsibly for their contributions and aims to deliver
superior remuneration for superior performance. 

We set out the two corporate performance conditions below:

Comparative Total Shareholder Return (“TSR”):

The Company's comparative TSR is compared to a comparator group of quoted oil
and gas exploration and production companies and: 



  -- 25% of the option will vest for median performance against the comparator
     group;
  -- 100% of the option will vest for upper quartile performance against the
     comparator group; and
  -- The option will vest on a straight-line basis for TSR performance between
     these levels.

Share price multiplier:

The vesting level achieved under the comparative TSR element can be multiplied
upwards if the Company achieves absolute share price growth of more than 15%
p.a. over the three year performance period. A maximum multiplier of three
times can be achieved for 45% p.a. absolute share price growth and awards vest
on a straight-line basis between these share price performance levels. 

The options granted to the participants are as follows:

             Name               Number of Plan Shares
-----------------------------------------------------
           Ben Arabo                    5,871        
-----------------------------------------------------
Key Employees & Management         15,933        
-----------------------------------------------------



For the CEO, Ben Arabo, the options granted are equal to 67% of the annual base 
 salary.                                                                        
The option was calculated by reference to a price of DKK 171.2 per share, being 
 the three month average closing share price of the Company's shares to 25th    
 April 2013 on the Nasdaq OMX Copenhagen. The number of shares shown above      
 represents the figure that may be acquired by the participants, if the         
 Company's TSR is in the upper quartile TSR of its comparator group.            
Where the Company's absolute share price growth is 45% p.a. or more over the    
 performance period, the participants would be entitled to exercise their option
 in respect of three times as many shares as stated above.                      



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. 20/2013

Issued 29-04-2013


         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