Statement requested by the FME regarding the effects of the current financial markets on the company Tórshavn, Faroe Islands, 24th November 2008 - P/F Atlantic Petroleum (OMX: FO-ATLA) the international upstream oil and gas company, today issued a statement regarding the possible effects on the company of the recent turbulence in the financial markets. The financial supervisory authority in Iceland (the FME) has requested that issuers of shares traded on the regulated market in Iceland must make a public statement regarding any direct or indirect impact the current unusual circumstances within the financial markets may have on the financial position and performance of the company. The Icelandic Krona's reduced exchange rate has had no impact on the Atlantic Petroleum Group, since the financial statement is prepared in DKK and the company receives its revenue in USD, while costs are accounted for in DKK, GBP, USD and EUR. Atlantic Petroleum has issued three announcements since the company published its 3Q 2008 interim financial report on 31st October 2008: · 5th November: Positive results from the South Chestnut well, performance of the Chestnut Field and the Company's participation in the third Faroese licensing round · 13th November: A licence award in the UK 25th Round · 17th November: The suspension of market making in Iceland being lifted The announcements of 5th and 13th November were of a positive nature in relation to Atlantic Petroleum, while the latter announcement was insignificant to the company's financial position and performance. Apart from the three above-mentioned announcements, there are no significant events affecting the financial position and performance of the company. In addition, there are no changes to the company's planned operations caused by the current state of the financial markets. However, due to the nature of Atlantic Petroleum's business, any fluctuations of the oil and gas price will have an impact on asset values since these mainly consist of oil and gas assets. Specific risks relating to the Atlantic Petroleum Group have not changed significantly since the publication of the 3Q 2008 interim financial statement. In its 3Q 2008 interim financial statement the Group predicted an operating profit of DKK 5-10 million for the full financial year 2008. These expectations are unchanged. Further, the operational expectations for the remainder of 2008, stated in 3Q 2008 interim financial statement, are currently unchanged. 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 is, together with other information about Atlantic Petroleum, available on the Company's website: www.petroleum.fo. Statement requested by the FME regarding the effects of the current financial markets on the company Issued 24-11-2008 P/F Atlantic Petroleum Gongin 9 P.O. Box 1228 FO-110 Tórshavn Faroe Islands Telephone +298 350 100 Fax +298 350 101 Website: www.petroleum.fo
Statement requested by the FME regarding the effects of the current financial markets on the company
| Source: P/F Atlantic Petroleum