Atlantic Petroleum P/F - Fyrirtækjafréttir

Orchid Well Operations

Tórshavn, Faroe Islands, 2012-03-08 08:02 CET (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) announces the commencement of operations on the
29/1c-9 Orchid exploration well on UK Licence P.1556 in the Central North Sea. 



The well is being drilled with the Sedco 711 semi-submersible rig in a water
depth of about 290 ft, near to the producing Bittern and Kyle fields. The well
will target a four-way dip closure at both Tertiary and Chalk levels and is
expected to take 35-40 days to complete. 



The well is operated by Summit Petroleum who holds a 45% interest in the
licence. Atlantic Petroleum has 10% working interest resulting from a farm-in
deal negotiated in 2011. Other partners are Valiant Petroleum (30%) and Trap
Oil (15%). 



Ben Arabo, CEO, commented:

“We are very pleased to announce the beginning of our exploration and appraisal
well programme for 2012. Orchid will be followed mid-year by the Brugdan II
well in the Faroe Islands and the Spaniards well to be drilled in the latter
part of 2012.“ 





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. 07/2012

Issued 08-03-2012


         P/F Atlantic Petroleum
         Gongin 9
         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