Atlantic Petroleum P/F - Fyrirtækjafréttir

Update on Ardmore field, SEL 2/07, Celtic Sea, Offshore Ireland

Tórshavn, Faroe Islands, 18th May 2010 - P/F Atlantic Petroleum (OMX:FO-ATLA)
announces that a technical assessment of the heavy oil potential which
underlies the Ardmore gas field has been carried out by licence operator
Providence. 

The Lower Cretaceous aged Ardmore field was discovered by Marathon Oil in 1974,
and comprises a gas cap with an underlying heavy oil (around 16 degrees API)
accumulation. Recent work in the area carried out by Providence led to a
re-evaluation of the resource potential within the Ardmore oil leg. This work,
which is based on a 3D seismic data acquired in 2006, suggests potential
significant oil in place volumes. Partners are now planning to seek specialist
advice on heavy oil to assess the potential recoverable resources of the field. 
The Ardmore field is located in Standard Exploration Licence (SEL) 2/07 in the
North Celtic Sea Basin and is situated approximately 60 Km off the south coast
of Ireland in around 90m water depth. Atlantic Petroleum has 18.3% equity in
the licence with Providence Resources Plc. 72.5% and Sosina Exploration (9.2%). 

Further Details:
Further details can be obtained from Sigurð í Jákupsstovu, CEO, tel +298 350
100 (sigurdj@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. 10/2010		                             Issued 18-05-2010


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