Tórshavn, Faroe Islands 8th June 2007 - Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, today announced that, it has completed a Farm in Agreement with Granby Oil and Gas Plc. to farm in 50% of interest in UKCS block 14/9a (under Licence P.1288) and block 14/14b (under Licence P.1211). The licences are to be merged by the DTI under a revised licence area covered by Licence P.1211. The farm in is subject to final approval by government authorities. The blocks contain the Anglesey prospect, which consists of a series of tilted Jurassic fault blocks. The blocks are located in around 130m water depth some 150 km north-east of St. Fergus, and 30km north of the Talisman-operated Claymore field. Under the farm in arrangements, Atlantic Petroleum will acquire a 50% interest in the merged licence. Atlantic Petroleum is expected to reduce the interest in the licence by a farm out, which is currently under negotiation. Granby Oil and Gas Plc. will be operator of the licence. High resolution 2D seismic survey is currently being acquired over the blocks. Participating Interests Following completion of the farm-out arrangements and the assignment of interests in the licence, the participating interests will be Granby Oil and Gas Plc. (Operator) 50% and Atlantic Petroleum 50%. Commenting on the farm-in Wilhelm Petersen, Managing Director of P/F Atlantic Petroleum said: “This farm-in is in line with our strategy to increase our exploration activities. In addition we see this as an interesting deal as we are farming in on ground floor, which means that Atlantic Petroleum is paying from the effective date. We look forward to working with our new co-venture's Granby Oil and Gas on the Anglesey prospect. If the current seismic programme confirms the prospect we hope this will lead to a well being drilled in 2008.” 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.
Atlantic Petroleum farms into UK UKCS Blocks 14/9a, 14/14b Anglesey Prospect
| Source: Atlantic Petroleum P/F