Operations update December 2013

| Source: Atlantic Petroleum P/F

Tórshavn, Faroe Islands, 2014-01-06 08:45 CET (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (OMX: FO-ATLA CSE & Oslo Børs: ATLA) today announces that during the month of December, Atlantic Petroleum produced a net total of 66,000 barrels of oil equivalents (boe) from the Chestnut, Ettrick and Blackbird fields. Chestnut production was affected by adverse weather during the month. The average daily production was 2,129 boe per day net to the Company.

Total production in 2013 was 720,000 boe which is lower than the previously announced production guidance of 725,000 to 800,000 boe. The main issues relating to the lower production than anticipated were the Chestnut shut-down during November due to works carried out to repair one of the mooring lines and slightly later than anticipated first oil from the new Ettrick infill well.

Despite the lower than anticipated production EBITDAX for the year is expected to be in the previously announced guidance range of DKK 225MM – DKK 275MM.


Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P) Group focused on North West Europe. Atlantic Petroleum currently holds 40 oil and gas licences in the UK, Norway, Faroe Islands, Ireland and the Netherlands, and has three fields in production in the UK part of the North Sea. In addition to this, the Group has one field under development with first oil expected in 2015, two additional potential development projects and a substantial number of exploration prospects. Atlantic Petroleum participates in joint ventures with 30 reputable, international partners. Atlantic Petroleum’s main office is located in Tórshavn, Faroe Islands, and the Company has subsidiaries and technical offices in London, UK and Bergen, Norway. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Børs.


Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 350100 (ben.arabo@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.


Announcement no.02/2014

Issued 06-01-2014


         P/F Atlantic Petroleum
         Yviri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         Telephone +298 350 100
         Fax +298 350 101
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo