Atlantic Petroleum P/F — Earnings Release 2018

Aug 31, 2018

Atlantic Petroleum Half Year 2018 Interim Report.

Atlantic Petroleum Half Year 2018 Interim Report.

Consolidated Interim Half Year 2018 Report and Accounts - Maintenance of Plan

Tórshavn, Faroe Islands, 2018-08-31 -- P/F Atlantic Petroleum (NASDAQ

Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today posts its 2(nd)

quarter (Half-Year) results for 2018. This announcement should be read in

conjunction with Atlantic Petroleum's Consolidated Interim Report, which is

released separately and is available via ?the Company's web site?

(https://www.petroleum.fo/get.file?ID=15839).

Highlights:

* Net loss:                                        DKK      3.4MM

* Gross profit:                                        DKK      0.0MM

* Operating loss:                                    DKK     -4.1MM

* Net assets/share-holders' equity:          DKK    -152MM

* Bank debt:                                        DKK       53MM

* G&A cost:                                        DKK     2.8MM

Orlando revenues are not expected until till early 2019 so Atlantic Petroleum

continues to consider that neither a net profit or dividend will occur in 2018.

Graeme Fawcett, Atlantic Petroleum's Interim CEO commented:

"The stability and plan reported end 1st quarter 2018 has been maintained and

priority focussed on cost management aligned to the Company's financial support.

From a revenue and license perspective:

* The Orlando field progresses in the sound hands of Decipher Energy and

Atlantic Petroleum's revenue income forecast reported in previous reports is

unchanged.

* The long running process of reaching settlement on Blackbird and Ettrick is

finished and longer-term guarantee aspects agreed.

* License P2112 (Badger field) interest progresses with reprocessing of

existing seismic data. Once this work is complete Atlantic Petroleum will

determine levels of involvement in any further work programme.

The Company is maintaining the goals it set at the end of 2017 and, duly

encouraged, is looking to position itself as an active participant in new

opportunities that are consistent with, and allowed by, its' risk profiling,

funding and projected revenues."

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 exploration, 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 that associated

projects, countries, companies and individuals 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

(mailto:graemef@petroleum.fo)). This announcement will be available?, together

with other reported information

(https://www.petroleum.fo/Default.aspx?pageid=8761)about Atlantic Petroleum, on

the Company's website: www.petroleum.fo

(https://www.globenewswire.com/Tracker?data=p-IJzr_8CGV06ZgsuHoox-

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NO7EOBUR3T8eDcQSiZVniG709efBY9oTz75yvNLvu6J93unW-l6X-cKQc-

8GEstleQcJAUp0sSfDNMemPOl39dtdFCmzXNnBn3didb0kxs_4b0C).

Announcement no.12/2018

Issued 31-08-2018

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

https://www.petroleum.fo/Default.aspx?pageid=8761