Tórshavn, Faroe Islands, 7th June 2007. Atlantic Petroleum (OMX: FO-ATLA), the international upstream oil and gas company, announces that the exploration well on the Balgownie prospect on Block 30/23b in the Central Graben region of the UK North Sea has been plugged and abandoned. The well 30/23b-4 encountered approximately 130 feet of gross reservoir thickness in the Fulmar sandstone, which was the primary target. Analysis of the data collected suggests that hydrocarbon saturations were present but not at commercial levels. The well was drilled with the Global Santa Fe Galaxy II jack-up to a total depth of 9,984 feet subsea. Commenting on the results from the Balgownie well Wilhelm Petersen, Managing Director of Atlantic Petroleum, said: “Whilst it is disappointing that a commercial discovery was not made, the calculated risk associated with drilling exploration wells is part of the exploration business in which the company operates. Atlantic Petroleum plan to drill further wells this year, as previously announced, and are looking forward to these ventures.” 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.