Annual report and financial statement

·	P/F Atlantic Petroleum's consolidated profit after taxation for 2006 amounted
to DKK -8,102,710, (2005: DKK -10,397,544). The consolidated profit after
taxation for 4Q of 2006 amounted to DKK -1,464,102 (4Q 2005: DKK -7,320,722). 
·	The consolidated result before taxation for 2006 was DKK -8,088,880, (2005:
DKK -10,389,362). The consolidated result before taxation for 4Q of 2006 was
DKK -1,473,975, (2005: DKK-8,088,879). 
·	The consolidated operating profit for 2006 was DKK -11,466,685, (2005: DKK
-11,805,224). The consolidated operating profit for 4Q 2006 was DKK -3,683,380,
(2005 Q4: DKK -7,395,138). 
·	The Company's consolidated total assets amounted to DKK 361,416,965 at the
end of 2006 (2005: DKK 109,925,934). 
·	The Company's total shareholders' equity amounted to DKK 296,676,942 at the
end of 2006, (2005: DKK 99,337,034). 
·	The operating loss for 2006 is slightly higher than announced in the 3Q
announcement where it was prognosed to approximately DKK 10 million. The reason
is the continuing high activity level, which so far has resulted in the farm-in
to the Irish discoveries. 
·	The Chestnut and Ettrick fields are expected to come on stream, as previously
announced, in respectively second half of 2007 and first half of 2008. Atlantic
Petroleum's development costs for the Chestnut Field are expected to be
approximately DKK 58 million, compared to previously expected costs of DKK 45
million. Atlantic Petroleum's total development investments are expected to be
approximately DKK 125 million in 2007 
·	The West Lennox discovery was appraised in the fall of 2005 by the drilling
of an appraisal well. The results from the well are classified as “tight-hole”.
The partnership has decided to put the development of the West Lennox field on
hold, until the Crosby prospect has been drilled. A site survey with additional
seismic acquisition is planned for 2007 on Crosby and an exploration well is
expected to be drilled in 2008. The reason for putting the development of West
Lennox on hold is that the oil reserves are now estimated to be sub-commercial
for an independent tie-in to the Lennox field, but commercial as a joint
development. 
·	Atlantic Petroleum's investments in exploration costs in 2007 are budgeted to
approximately DKK 30 million. These investments include the drilling of two
exploration wells and the maturing of other prospects. The firmed budgeted
investments are purely based on licences in Atlantic Petroleum's existing
portfolio. These figures might change, which we expect, as the Company is for
the time being considering various farm-in possibilities. 
·	The Faroese authorities have announced that the third licensing round will
take place in the autumn of 2007. Atlantic Petroleum intends to participate in
this licensing round and establishment of a partnership is under way.