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<title>An Extraordinary General Meeting of P/F Atlantic Petroleum is hereby
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<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB'>An
Extraordinary General Meeting of P/F Atlantic Petroleum is hereby called. The
meeting will be held at the premises of Hotel Føroyar, við Oyggjavegin, 100
Tórshavn, Faroe Islands <o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB'><o:p> </o:p></span></p>
<p class=MsoNormal align=center style='text-align:center'><b style='mso-bidi-font-weight:
normal'><span lang=EN-GB style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:
EN-GB'>on Saturday the 3<sup>rd</sup> of February 2007 at 10.00 a.m.</span></b><span
lang=EN-GB style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB'><o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB'><o:p> </o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB'>with the
following agenda:<o:p></o:p></span></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB'><o:p> </o:p></span></p>
<p class=MsoBodyText style='margin-left:36.0pt;text-align:justify;text-indent:
-18.0pt;mso-list:l0 level1 lfo1;tab-stops:list 36.0pt'><![if !supportLists]><span
lang=EN-GB style='font-size:8.0pt;font-family:Verdana;mso-fareast-font-family:
Verdana;mso-bidi-font-family:Verdana;mso-ansi-language:EN-GB;font-weight:normal'><span
style='mso-list:Ignore'>1.<span style='font:7.0pt "Times New Roman"'>
</span></span></span><![endif]><span lang=EN-GB style='font-size:8.0pt;
font-family:Verdana;mso-ansi-language:EN-GB;font-weight:normal'>Election of
chairman of the meeting.<o:p></o:p></span></p>
<p class=MsoBodyText style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB;font-weight:
normal'><o:p> </o:p></span></p>
<p class=MsoBodyText style='margin-left:36.0pt;text-align:justify;text-indent:
-18.0pt;mso-list:l0 level1 lfo1;tab-stops:list 36.0pt'><![if !supportLists]><span
lang=EN-GB style='font-size:8.0pt;font-family:Verdana;mso-fareast-font-family:
Verdana;mso-bidi-font-family:Verdana;mso-ansi-language:EN-GB;font-weight:normal'><span
style='mso-list:Ignore'>2.<span style='font:7.0pt "Times New Roman"'>
</span></span></span><![endif]><span lang=EN-GB style='font-size:8.0pt;
font-family:Verdana;mso-ansi-language:EN-GB;font-weight:normal'>Election of an
accountant for the Company, for the period until the next Annual General Meeting
has been held, this to act together with the present accountant of the Company,
which means that the Company will have two accountants.<o:p></o:p></span></p>
<p class=MsoBodyText style='margin-left:36.0pt;text-align:justify'><span
lang=EN-GB style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB;
font-weight:normal'><o:p> </o:p></span></p>
<p class=MsoBodyText style='margin-left:36.0pt;text-align:justify'><span
lang=EN-GB style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB;
font-weight:normal'>The Board of the Company proposes to elect </span><span
lang=FO style='font-size:8.0pt;font-family:Verdana;font-weight:normal'>SPEKT
statsaut. revisorar spf</span><span lang=EN-GB style='font-size:8.0pt;
font-family:Verdana;mso-ansi-language:EN-GB;font-weight:normal'>, Staravegur
17, 100 Tórshavn to act as the second accountant of the Company.<o:p></o:p></span></p>
<p class=MsoBodyText style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB;font-weight:
normal'><o:p> </o:p></span></p>
<p class=MsoBodyText style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB;font-weight:
normal'>In connection with the registration of the shares of the Company at the
OMX Copenhagen Stock Exchange, the Company is according to Faroese law
obligated to have two accountants and due to that this Extraordinary General
Meeting is necessary to elect the second accountant to act together with the
present accountant of the Company.<o:p></o:p></span></p>
<p class=MsoBodyText style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB;font-weight:
normal'><o:p> </o:p></span></p>
<p class=MsoBodyText style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB;font-weight:
normal'>Each shareholder can attend the General Meeting, provided the
shareholder has required an admission card from the Company not later than 5
days prior to the General Meeting. Right to vote at the General Meeting have
shareholders, who have required an admission card and a voting paper from the
Company not later than 5 days prior to the General Meeting. A shareholder can
give another person written authority to attend the General Meeting, and vote
by proxy. The press can also attend the General Meeting.<o:p></o:p></span></p>
<p class=MsoBodyText style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB;font-weight:
normal'><o:p> </o:p></span></p>
<p class=MsoBodyText style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB;font-weight:
normal'>The Company can be reached at its premises at Gongin 9, 100 Tórshavn,
Faroe Islands tel. no. + 298 350 100 and fax no. + 298 350 101.<o:p></o:p></span></p>
<p class=MsoBodyText style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB;font-weight:
normal'><o:p> </o:p></span></p>
<p class=MsoBodyText align=center style='text-align:center'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB'>P/F Atlantic
Petroleum<o:p></o:p></span></p>
<p class=MsoNormal align=center style='text-align:center'><b><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB'>The Board
of Directors</span></b><b><span lang=EN-GB style='font-size:8.0pt;font-family:
Verdana;mso-bidi-font-family:Vrinda;mso-ansi-language:EN-GB'><o:p></o:p></span></b></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB'><o:p> </o:p></span></p>
<p class=MsoNormal style='text-align:justify'><b><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB'>Further
Details<o:p></o:p></span></b></p>
<p class=MsoNormal style='text-align:justify'><span lang=EN-GB
style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB'>Further
details can be obtained from Wilhelm Petersen, Managing Director, tel +298 35
01 00 (</span><span class=MsoHyperlink><span lang=DA style='font-size:8.0pt;
font-family:Verdana'><a href="mailto:wilhelmp@petroleum.fo"><span lang=EN-GB
style='mso-ansi-language:EN-GB'>wilhelmp@petroleum.fo</span></a></span></span><span
lang=EN-GB style='font-size:8.0pt;font-family:Verdana;mso-ansi-language:EN-GB'><a
href="mailto:wilhelmp@ petroleum.fo"></a><span class=MsoHyperlink>).</span>
or Teitur Samuelsen, Financial Manager, tel +298 350 100 (<span
class=MsoHyperlink>teiturs@petroleum.fo</span>). This announcement will be
available, together with other information about Atlantic Petroleum, on the
companys website: </span><span class=MsoHyperlink><span lang=DA
style='font-size:8.0pt;font-family:Verdana'><a href="http://www.petroleum.fo/"><span
lang=EN-GB style='mso-ansi-language:EN-GB'>www.petroleum.fo</span></a></span></span><span
class=MsoHyperlink><span lang=EN-GB style='font-size:8.0pt;font-family:Verdana;
mso-ansi-language:EN-GB'>.</span></span><span lang=EN-GB style='font-size:8.0pt;
font-family:Verdana;mso-ansi-language:EN-GB'><o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-GB style='font-size:8.0pt;mso-ansi-language:
EN-GB'><o:p> </o:p></span></p>
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