Atlantic Petroleum P/F — AGM Information 2016

Apr 29, 2016

Result of Annual General Meeting 29th April 2016

Result of Annual General Meeting 29th April 2016

Tórshavn, Faroe Islands, 2016-04-29 17:01 CEST (GLOBE NEWSWIRE) --

Today P/F Atlantic Petroleum (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA

NOK) held the Annual General Meeting in Tórshavn, Faroese Islands.

1. Petur Even Djurhuus was elected Chairman of the Meeting.

2. The Chairman of the Board presented the Board of Director?s statement of

the Company?s activity during 2014. The CEO gave a review of status and the

forward plan.

3. The audited Annual Accounts were presented and approved by the General

Meeting.

4. The General Meeting approved the remuneration to the Board in A: 2015 and

B: 2016.

5. It was decided to carry forward the result from 2015 to the next year.

6. It was decided

to

change § 16, 1. section and § 18, 1 section, 1 line in the Articles of

Association of the Company changing the number of Board Directors from 5 to

3 with quorum of 2.

7. According to the Articles of Association all Members of the Board are up

for election for a period of one year, namely: Jan E. Evensen, Knud H.

Nørve, Jan Müller, Teitur Samuelsen and David A. MacFarlane. The Board

proposed that David A. MacFarlane, Jan Müller and Knud H. Nørve be elected.

The General Meeting elected the board members proposed by the Board.

8. As proposed it was decided to elect P/F Januar løggilt Grannskoðaravirki,

Hoyvíksvegur 5, 100 Tórshavn, as auditors, for the period until the next

Annual General Meeting.

1. The General Meeting approved a Proposal to reduce the Share capital of the

Company with the nominal value DKK 366,088,140 from the nominal value of

DKK 369,786,000 to the nominal value of DKK 3,697,860 by reducing the

nominal value of the individual shares of the Company to 1% of its original

nominal value or from DKK 100 or multipla thereof to DKK 1 or multipla

thereof.

The share capital reduction and the connected reduction of nominal value is

expected to be implemented on Nasdaq Copenhagen, Oslo Stock Exchange and VP

securities as soon as possible. Shareholders will receive further

information on this from VP Securities. The share capital reduction will

not have any consequences for the share owned by each shareholder. For

example a shareholder holding 100 shares before the change will still own

100 shares going forward, and the total number of shares and the

distribution among the shareholders will not change and each share in

Atlantic Petroleum will continue to represent an unchanged proportion of

the company?s equity.

1. The AGM approved a change in the Articles of Association of the Company to

give the Board of Directors a further authorisation to increase the Share

Capital by subscription of new share capital with pre-emptive rights for

the existing shareholders by a nominal value of up to DKK 150 million.

1. The AGM approved a change in the Articles of Association of the Company to

give the Board of Directors a further authorisation to increase the Share

Capital by subscription of new share capital without pre-emptive rights for

the existing shareholders by a nominal value of up to DKK 150 million.

12. The AGM approved a change in the Articles of Association of the Company

to give the Board of Directors authorisation to issue convertible bonds of up

to DKK 200 million in nominal value.

13.The AGM approved to extend the wording of the objectives of the Company

in clause 1, 3 section in the Articles of Association by this supplement: ?The

objective of the Company is also to run business within the field of real

estate, including ? but not limited to ? own, rent, lease out, buy, sell and

run business within real estate and other related trades and businesses. The

Company can own shares in other Companies and conduct its businesses through

subsidiaries?

At a Board Meeting held immediately after the Annual General Meeting, the

Board constituted itself with David MacFarlane as Chairman and Knud Nørve as

Deputy Chairman.

The Articles of Association in Faroese and the English translation will be

available on the Company website later.

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 550100

(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.09/2016

Issued 29-04-2015

P/F Atlantic Petroleum

Yviri við Strond 4

P.O. Box 1228

FO-110 Tórshavn

Faroe Islands

Telephone +44 208 834 1045

Fax +44 208 834 1125

Website: www.petroleum.fo

E-mail: petroleum@petroleum.fo