Ettrick FPSO successfully finalised sea trials and is now on its way to Suez

Tórshavn, Faroe Islands 15th Decemeber 2008 - Atlantic Petroleum (OMX: FO-ATLA)
the international upstream oil and gas company, is pleased to announce that the
Ettrick FPSO Aoka Mizu has successfully finalised its sea trials in Singapore
and is now on its way to the Suez Canal. It is expected to reach there in early
January 2009. 

The Aoka Mizu is expected to be installed and commence production on the
Ettrick field during first quarter 2009. 

The Aoka Mizu has been leased for five years with extension options. The
capacities are: 30 MBOPD processing, 35 MMSCFD gas compression, and 55 MBWPD
water injection. 

The Ettrick field is located in the Outer Moray Firth about 120 km Northeast of
Aberdeen in blocks 20/2a and 20/3a. The Ettrick FPSO will act as a hub in the
area, as there are a number of potential  satellite discoveries that can be
tied back in the future. 

Partners on the Ettrick field are Nexen Petroleum, operator (79.73%), Bow
Valley (12%) and Atlantic Petroleum (8.27%). 


Commenting on the announcement, Wilhelm Petersen, Managing Director of Atlantic
Petroleum said: 

“We are very happy now that the Aoka Mizu has successfully finalised sea trials
and is on its way to Europe. We are looking forward to the commencement of
production on the Ettrick Field  in the first quarter of 2009.” 


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. 

                                                                      

P/F Atlantic Petroleum	  Telephone +298 350 100                Issued 15-12-2008
Gongin 9	                    Fax +298 350 101
P.O. Box 1228	           Website: www.petroleum.fo
FO-110 Tórshavn 
Faroe Islands