Atlantic Petroleum P/F - Fyrirtækjafréttir

Blackbird Field Development Plan Addendum approved

Tórshavn, Faroe Islands, 2013-12-06 08:31 CET (GLOBE NEWSWIRE) -- Atlantic
Petroleum (OMX: FO-ATLA) today announces that the UK Department of Energy and
Climate Change (DECC) has advised the Blackbird Field joint venture partners
that it has approved the Blackbird Field Development Plan (FDP) Addendum. 

The Blackbird Field is owned by Nexen Petroleum U.K. Limited (Operator)
73.02957%, Nexen Ettrick U.K. Limited 17.57270% and Atlantic Petroleum UK
Limited 9.39773%. 

The Blackbird field was discovered in 2008 and has been in production since
2011. The field currently consists of one subsea producer and one water
injector tied back to the Aoka Mizu FPSO (which also handles the Ettrick Field
production). Oil is exported by shuttle tanker and gas exported to the St
Fergus gas terminal. The FDP Addendum will result in the drilling of a second
production well. The well is planned to be drilled in early 2014 and is
expected to be in production by mid-2014. Similar to the Ettrick 20/2a-E9
production well, which came onstream in November 2013, the investment in the
Blackbird production well is expected to qualify for the Brown Field Allowance
under the UK taxation system. 

The drilling of the second well on the Blackbird Field has been described in
the Prospectus published on the 26th November 2013 in connection with the
offering and listing of the Company's shares on Oslo Børs. 

The approval of the FDP addendum does not affect the Company's financial
position or guidance for 2013. 



About Atlantic Petroleum

Atlantic Petroleum is a full cycle exploration and production (E&P) Group
focused on North West Europe. Atlantic Petroleum currently holds 40 oil and gas
licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has
three fields in production in the UK part of the North Sea. In addition to
this, the Group has one field under development with first oil expected in
2015, two additional potential development projects and a substantial number of
exploration prospects. Atlantic Petroleum participates in joint ventures with
30 reputable, international partners. Atlantic Petroleum's main office is
located in Tórshavn, Faroe Islands, and the Company has subsidiaries and
technical offices in London, UK and Bergen, Norway. Atlantic Petroleum's
existing shares are listed on NASDAQ OMX Copenhagen and NASDAQ OMX Iceland. The
Company has applied for a delisting from NASDAQ OMX Iceland, which is expected
to be effective shortly after completion of the Offering on Oslo Børs. 



Announcement no. 52/2013

Issued 06-12-2013


         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