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
Ettrick FPSO successfully finalised sea trials and is now on its way to Suez
| Source: Atlantic Petroleum P/F