Tórshavn, Faroe Islands, 7th May 2010 - P/F Atlantic Petroleum (OMX:FO-ATLA) announces that a study is being instigated to assess a minimal facilities unmanned buoy development concept for the Helvick field. The Standard Exploration Licence (SEL) 2/07 licence group, operated by Providence Resources P.l.c., has agreed to work with Unmanned Production Buoy Limited in assessing the development feasibility for a minimal facilities unmanned buoy development of the Helvick oil field in the North Celtic Sea Basin, offshore Ireland. The Helvick field is located approximately 40 kilometres off the south coast of Ireland in around 80 metre water depth. Atlantic Petroleum has 18.3% equity in the licence with Providence 72.5% and Sosina Exploration (9.2%). Unmanned Production Buoy Limited is an Aberdeen based business established to pursue the development, construction and deployment of unmanned production systems. Matching this new technology with existing well infrastructure could help create a commercial project for Helvick. Further Details Further details can be obtained from Sigurð í Jákupsstovu, CEO, tel +298 350 100 (sigurdj@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo. On the website, it is also possible to sign up for the Company's e-mail newsletter. About Atlantic Petroleum Atlantic Petroleum is a Faroese independent exploration and production (E&P) company with oil and gas interests in the North Sea, Celtic Sea and on the Faroese Continental Shelf. The objective of Atlantic Petroleum is to develop offshore oil and gas potential in North West Europe, and presently the Company engages in activities ranging from exploration, through appraisal, to development and production. Atlantic Petroleum's shares are listed on both NASDAQ OMX Iceland and NASDAQ OMX Copenhagen. Announcement no. 9/2010 Issued 07-05-2010 P/F Atlantic Petroleum Telephone +298 350 100 Gongin 9 Fax +298 350 101 P.O. Box 1228 Website: www.petroleum.fo FO-110 Tórshavn E-mail: petroleum@petroleum.fo Faroe Islands
Development feasibility study commences on Helvick field, SEL 2/07, Celtic Sea, Offshore Ireland
| Source: Atlantic Petroleum P/F