Atlantic Petroleum announced today that it has spudded the 30/23b-4 exploration well on the Balgownie prospect on Licence P1228 in the Central Graben of the North Sea. The well is being operated by Endeavour Energy UK Limited. The well will test a Jurassic Fulmar sandstone target, for which the operator carries mean reserves in excess of 50 MMBbls. The prospect lies South East of and on trend with the Janice & James Fields. The well is being drilled by the Global Santa Fe Galaxy II Jack-Up. Atlantic Petroleum recently farmed into the 22nd Round Licence P1228. Atlantic Petroleum´s share of the costs for the well amounts to approximately DKK 34 million pre-tax. Subject to approval of the farm-in by UK government regulatory authorities, the partnership for the block will be Endeavour 45%, Svenska Petroleum Exploration AB 25%, Reach Exploration (North Sea) Limited 15% and Atlantic Petroleum 15%. Commenting on the well Wilhelm Petersen, Managing Director of P/F Atlantic Petroleum said: “This is the first of three exploration wells that Atlantic Petroleum plans to drill this year, as part of our company strategy to enter into more exploration projects as we move towards first production from our current assets. We are looking forward, with Endeavour and our partners, to reaching the target and evaluating the results”. Further Details Further details can be obtained from Wilhelm Petersen, Managing Director, tel +298 350 100 (wilhelmp@petroleum.fo) or Teitur Samuelsen, Financial Manager, tel +298 350 100 (teiturs@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the company's website: www.petroleum.fo.