Expiry of UK Licence P.1047 Marten

7/25/2012 1:35 PM EST

Atlantic Petroleum P/F
Company Announcement

Expiry of UK Licence P.1047 Marten

Tórshavn, Faroe Islands, 2012-07-25 19:35 CEST (GLOBE NEWSWIRE) -- P/F Atlantic
Petroleum (OMX: FO-ATLA) today announces that due to the expiry of the licence
the company and its partners have surrendered UK Licence P.1047 which consists
of block 20/3c. The licence contains the Marten discovery which was operated by
Nexen. Atlantic Petroleum held 17.5% equity in P.1047. The surrender means a
non cash impairment in 2012 of DKK 14MM (GBP 1.5MM). 



Ben Arabo, CEO, commented:

“Whilst disappointed by the fact that we couldn’t move Marten forward at this
time, this event does not impact our EBITDAX or production forecast for the
year. With a portfolio of 34 licenses Atlantic Petroleum is focused on adding
to our drilling programme this year and next year. We are currently drilling
Brugdan II in the Faroe Islands and expect the UK Spaniards East well to spud
later in the year.” 





Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 350100
( ). 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. 20/2012

Issued 25-07-2012




         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: