Atlantic Petroleum P/F - Fyrirtækjafréttir

Drilling activities now completed on the 44/23-1 Dunquin North exploration well on Frontier Exploration Licence FEL 3/04

Well encounters pre-drill target on prognosis and is interpreted to be water
bearing but has encountered a 44m residual oil column. 

Tórshavn, Faroe Islands, 2013-07-22 08:00 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces the completion of drilling operations
on the 44/23-1 Dunquin North exploration well in Frontier Exploration Licence
FEL 3/04. An extensive data acquisition programme has been undertaken and the
well will now be plugged and abandoned as per the pre-drill plan. 

The well penetrated around 249m of the massive carbonate Cretaceous target
within prognosis and was drilled to a total depth of 5000m. Petrophysical
analysis of the well logs indicates an upper zone of 44m which has residual
hydrocarbon saturations in a porous reservoir. 

The well is operated by ExxonMobil Exploration and Production Ireland
(Offshore) Limited 25.5% on behalf of its partners, Eni Ireland B.V. 27.5%,
Repsol Exploracion Irlanda, S.A. 25.0%, Providence Resources P.l.c. 16.0%,
Atlantic Petroleum (Ireland) Limited 4.0% and Sosina Exploration Limited 2.0%. 



Wayne Kirk, Technical Director, commented:

“The data from the Dunquin North well are interpreted to show that it has
encountered a 44m residual oil column in a carbonate reservoir. This result has
very positive implications for the region in general, but especially for the
Dunquin South prospect, which also lies within licence FEL 3/04.” 



Ben Arabo, CEO, commented:

“The Dunquin well was seen pre-drill as a high risk Frontier exploration
target. The results indicate that there is much improved potential within the
licence acreage and we look forward to moving that forward in the future. We
are also looking forward to drilling our next exploration/appraisal well around
year end, which will be on the Pegasus discovery in the UK Southern Gas Basin.” 



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. 32/2013

Issued 22-07-2013


         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