Atlantic Petroleum farms into UK UKCS Blocks 14/9a, 14/14b Anglesey Prospect

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.