Atlantic Petroleum P/F - Board/Management Information 2015

Atlantic Petroleum announces re-organisation and cost saving measures

Tórshavn, Faroe Islands, 2015-01-30 14:00 CET (GLOBE NEWSWIRE) --

Atlantic Petroleum (NASDAQ OMX Copenhagen: ATLA DKK & Oslo Stok Exchange: ATLA

NOK) today announces that the Company will re-locate its finance function to

Bergen and close down the Torshavn office. In connection with this re-location

the Company?s CFO Mourits Joensen will leave the Company with immediate effect

and Nigel Thorpe, currently Business Development Director, will become Interim

CFO. The transfer of the finance function will be fully implemented by the end

of the second quarter.

Ben Arabo, CEO, said:

''We are responding to the challenging business environment by cutting costs in

all areas of operation. The Company will become more efficient and robust as a

result of the changes. I would like to thank Mourits Joensen for his efforts

over the years and wish him good luck in his future endeavours.''

Birgir Durhuus, Chairman of the Board, said:

''Closing the Torshavn office was a difficult decision for us as a Faroese

company, but it is a necessary response to the current severe industry

environment and the lack of remaining upstream potential in Faroese waters in

the short term.''

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 350100

([email protected]). 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.03/2015

Issued 30-01-2015

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

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