Atlantic Petroleum P/F — Earnings Release 2013

Mar 14, 2014

Significant Milestones Achieved in 2013

Significant Milestones Achieved in 2013

Tórshavn, Faroe Islands, 2014-03-14 09:34 CET (GLOBE NEWSWIRE) --

P/F Atlantic Petroleum (OMX: FO-ATLA CSE & Oslo Stock Exchange: ATLA) today

announces its results for 2013. This company announcement should be read in

conjunction with the Group?s Annual and Consolidated Report and Accounts 2013

and the extract from the independent reserves report also attached to this

announcement.

FINANCIAL RESULTS & SIGNIFICANT ACHIEVEMENTS IN 2013

-- Production 720K boe

-- EBITDAX DKK 224MM

-- Net result after taxation loss of DKK 26MM

-- Operating cash flow DKK 219MM from a realised oil price of USD 109.2 per

barrel

-- Total equity shareholders´ funds at year end DKK 597MM

-- Cash and cash equivalents at year end DKK 185MM

-- Successfully completed acquisition of 25% working interest in UK licences

P1606 and P1607 containing the development assets Orlando and Kells.

-- Successful in UK 27th Licensing Round ? awarded 12 blocks in 4 licences

bringing the total number of 27th Licencing Round blocks up to 23 in 8

licences

-- Successful in Norwegian 22nd Licensing Round - awarded 6 blocks in 2

licences

-- Successful in Norwegian APA round ? awarded 4 blocks in 2 licences

-- Successfully farmed into two Norwegian licences PL 659 containing several

prospects including Langlitinden and PL 528 containing the Ivory prospect

-- Drilled two exploration wells in 2013. Magnolia in the UK and Dunquin in

Ireland

-- Extended field life of Chestnut with FPSO contract extended for at least 1

further year

-- Extending field life by drilling two in-fill wells on producing assets -

one drilled on the Ettrick field and one committed on the Blackbird field

-- Listed on the Oslo Stock Exchange attracting attention from investor base

and analyst coverage

-- Completed equity raise net proceeds of DKK 115MM to boost balance sheet and

pursue exploration

-- Set up exploration debt facility with DNB in Norway of NOK 300MM

TARGETS 2014

-- Exploration: Drill 4 exploration/appraisal wells targetting 86MMboe of net

unrisked resources

-- Production: Average per day between 1,650 ? 1,900 boepd net for the year

-- Financial: EBITDAX in the range DKK 125MM - 175MM (Earnings Before

Interest, Taxes, Depreciation, Amortisation and Exploration Expenses)

Ben Arabo, CEO, commented:

?We increased our reserves base through the completion of the acquisition of

Orlando and Kells fields. We also increased our prospective resources base

significantly through adding new high quality exploration acreage in Norway and

the UK. Our exploration programme will deliver a steady flow of potentially

large value triggers to our shareholders in 2014 and beyond. We have built up

our portfolio over the past years and we can now see these prospects coming

through to be drilled. We are confident that we can deliver exploration success

over the next two years with the portfolio we have built whilst also

maintaining our production base. We are always looking for opportunities to

expand and will also do so in 2014 including looking at production

opportunities.?

Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P) Group

focused on North West Europe. Atlantic Petroleum currently holds 41 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

2016, 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 on Oslo Stock Exchange.

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.14/2014

Issued 14-03-2014

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