Development feasibility study commences on Helvick field, SEL 2/07, Celtic Sea, Offshore Ireland

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