Atlantic Petroleum P/F - Fyrirtækjafréttir

SECURES RIG FOR OFFSHORE IRELAND 2008 HOOK HEAD DRILLING CAMPAIGN PLANNED

Tórshavn, Faroe Islands 15th February 2008 - P/F Atlantic Petroleum (OMX:
FO-ATLA) the international upstream oil and gas company, is pleased to confirm
that a semi-submersible rig has been secured for a drilling campaign in the
Celtic Sea during the summer of 2008. This follows on from Atlantic Petroleum's
announcement of 10th October 2007, confirming the presence of a significant oil
accumulation at the Hook Head structure with the drilling of the 50/11-3
appraisal well. 

This drilling campaign in the Celtic Sea, together with other business
opportunities in the horizon, are in line with Atlantic Petroleum's growth
strategy. Therefore, in order to be in a better position for these
opportunities and to follow the Group's growth strategy in the short term, a
share capital increase is considered to take place during the cause of 2008. 

Under the terms of the deal agreed, the Celtic Sea partners have hired the
Transocean semi-submersible rig, the GSF ARCTIC 2. The contract consists of two
firm wells plus an option on a third well. The primary objective of the
drilling campaign will be to further appraise the Hook Head oil accumulation.
Depending on the outcome of this appraisal programme, the partners may then
elect to drill a further appraisal well on the adjacent Dunmore East 50/6-1 oil
discovery, located some 20 kilometres north of the Hook Head accumulation.
Details on the precise drilling locations and the sequencing of drilling will
be confirmed over the coming months. 


Commenting on the announcement, Mr Wilhelm Petersen, CEO said: 

“We will soon start production from Chestnut and Ettrick fields, so it is
important for us to take other assets further up in the value chain. Therefore
we are very happy that the partnership has been able to secure a rig to drill
further appraisal wells in 2008 on the Hook Head discovery and in a success
case bring this asset closer to development. If the appraisal turns out
positive, it should not only allow Atlantic Petroleum to continue to build on
the Hook Head discovery, but may also allow the partnership to advance the
development potential of the many other undeveloped discoveries in our Celtic
Sea licences.” 

Further Details
Further details can be obtained from Wilhelm Petersen, Managing Director, tel
+298 350 100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager,
tel +298 350 100 (teiturs@petroleum.fo). This announcement will be available,
together with other information about Atlantic Petroleum, on the Company's
website: www.petroleum.fo. 

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

Attachments:

15-02-2008 secure rig for celtic sea 2008.pdf