Atlantic Petroleum P/F — M&A Activity 2015

Feb 23, 2015

Atlantic Petroleum Announces Farm Down Option Deal on Norway PL704, PL705 and PL802

Atlantic Petroleum Announces Farm Down Option Deal on Norway PL704, PL705 and PL802

Tórshavn, Faroe Islands, 2015-02-23 07:57 CET (GLOBE NEWSWIRE) --

Atlantic Petroleum P/F (?Atlantic Petroleum?) (NASDAQ OMX COPENHAGEN: ATLA DKK

& Oslo Stock Exchange: ATLA NOK) today announces that the company has entered

into a farm-down option deal with Statoil Petroleum AS (?Statoil?) related to

the PL704, PL705 and PL802 licences in the Vøring Basin. Atlantic Petroleum

currently holds 30% in PL704 and PL705, and 20% in PL802.

PL704, PL705 and PL802 are located in the western part of the Vøring Basin,

close to the Asterix gas discovery. All the licenses contain several prospects

and leads, within the same play model as proven by Asterix. A drill or drop

decision will be taken by the partnership during the spring 2015 for the PL705

licence, and given a positive decision, a well is planned for 2016. For PL802

and PL704 the deadline for taking a drill or drop decision is in 2017.

Through the farm-down option deal Statoil shall have the right to purchase up

to twenty percent (20%) participating interest in PL705. The option is valid

until April 30th 2015. Should the option be exercised by Statoil, there will be

a carry associated with the cost related to the drilling of the first

exploration well.

For PL704 Statoil shall have the right to acquire up to twenty percent (20%)

participating interest, and for PL802 Statoil shall have the right to acquire

up to ten percent (10%) participating interest. The options are independent and

valid until April 30th 2015.

CEO Ben Arabo comments ?We are very pleased to announce this deal. This

agreement demonstrates the quality of the acreage we hold in the Mid-Norway

area and our Norwegian team?s ability to deliver commercial options that

deliver low cost potentially high impact exploration activity.?

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 around 34 oil

and gas licences in the UK, Norway, and Ireland, 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.06/2015

Issued 23-02-2015

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

E-mail: petroleum@petroleum.fo