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2010-05-06 13:23:38 CEST 2010-05-06 13:24:23 CEST REGULATED INFORMATION Atlantic Petroleum P/F - Company AnnouncementApril best producing month for Atlantic Petroleum since production commencedTórshavn, Faroe Islands, 6th May 2010 - P/F Atlantic Petroleum (OMX: FO-ATLA) announces that April 2010 was the best producing month for Atlantic Petroleum since The Company commenced production in 2008. During the month of April, Atlantic Petroleum produced a net total of 89,000 barrels of oil equivalents (boe) from the Chestnut and Ettrick fields. This equates to an average of 2,967 boepd to The Company. April 2010 was the best month for production since the company started producing oil in 2008. The excellent April performance is due to the stable performance of both the Ettrick and Chestnut fields. In the first half of 2010, two additional production wells on the Ettrick field have been drilled and are nearing completion, as planned. In addition to these wells, the Blackbird appraisal well is expected to be spudded soon. To secure a more stable revenue stream The Company has, for the first time, engaged in oil price hedging. Approximately 6 percent of the current production has been hedged 12 months ahead. The average oil price hedged at is $88.4 per barrel. Atlantic Petroleum will issue its 1st Quarter Interim Report 2010 on 19th May 2010. 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. About Atlantic Petroleum Atlantic Petroleum is a Faroese independent exploration and production (E&P) company with oil and gas interests in the North Sea, Celtic Sea and on the Faroese Continental Shelf. The objective of Atlantic Petroleum is to develop offshore oil and gas potential in North West Europe, and presently the Company engages in activities ranging from exploration, through appraisal, to development and production. Atlantic Petroleum's shares are listed on both NASDAQ OMX Iceland and NASDAQ OMX Copenhagen. Announcement no. 8/2010 Issued 06-05-2010 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 |
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