Atlantic Petroleum P/F — Earnings Release 2018

Dec 2, 2018

Atlantic Petroleum 3rd Quarter Report

Atlantic Petroleum 3rd Quarter Report

30/11/2018 23:00 GMT.

Consolidated 3(rd) Quarter 2018 Report and Accounts

Tórshavn, Faroe Islands, 2018-11-30 -- P/F Atlantic Petroleum (NASDAQ

Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today posts its 3(rd)

quarter results for 2018. This announcement should be read in conjunction with

Atlantic Petroleum's Consolidated Interim Report, which is released separately

and is accessible at ?the Company's web site via this link

(https://www.petroleum.fo/get.file?ID=15869)  ?.

Highlights for Q3 2018 are:

? Net loss in Q3 2018 was                                      DKK 5.5MM

? Gross profit for was                                        DKK 0MM

? Operating loss was                                        DKK 2,2MM

? Net assets/share-holders equity was negative    DKK 150MM.

? Bank debt was                                        DKK 52,3MM.

? G&A cost was                                        DKK 4,5MM.

Graeme Fawcett, Atlantic Petroleum's CEO, commented:

"P/F Atlantic Petroleum's 3(rd) Quarter 2018 results reported today are aligned

with the plans reported previously as the Company has remained focussed on

removing residual liabilities and managing costs according to the financial

support made available by London Oil and Gas, so ensuring the Company's future

is not burdened by un-necessary liabilities.

License activity moves to plan on reaching a settlement agreement with Partners

on the Blackbird and Ettrick licenses and Orlando production remains on plan

(according to field Operator). Review of Aurora and Badger future viability is

ongoing as is similar work by field operators partner on the Company's Republic

of Ireland licenses.

Atlantic Petroleum's progress up to end 3(rd) quarter 2018 and general outlook

remains unchanged and as previously reported."

Atlantic Petroleum in brief:

P/F Atlantic Petroleum is a limited company incorporated and domiciled in the

Faroe Islands and listed on NASDAQ OMX Copenhagen and on the Oslo Stock

Exchange.

The principal activities of the Company and its subsidiaries (the Group) are oil

and gas late term appraisal, development and production in the UK and Ireland.

The Company considers its future as a participant in global oil and gas projects

subject to those projects meeting the Company's risk mitigation position of zero

exposure to exploration or early appraisal and on projects, countries, companies

and individuals that are compliant with applicable EU, UK, USA and localised

sanction(s), business ethics, environmental and social responsibility

regulations.

Further Details:

Further details can be obtained from Graeme Fawcett, (graemef@petroleum.fo).

This announcement is available via the link above?, together with other reported

information about the Company, on the Atlantic Petroleum's website:

www.petroleum.fo.

Announcement no.13/2018

Issued 30-11-2018

P/F Atlantic Petroleum

Yviri við Strond 4

P.O. Box 1228

FO-110 Tórshavn

Faroe Islands

Telephone +44 203 879 0524

Website: www.petroleum.fo

E-mail: petroleum@petroleum.fo